Alembic Pharmaceuticals' revenue surges 8.17%, PAT up 3.21% in Q2FY24

The API business reported a 10 percent growth in revenues, reaching Rs 322 crores in the quarter

Pharma company Alembic Pharmaceuticals posted a 3.21 percent year-on-year (YoY) increase in profit after tax (PAT) during the quarter concluded on September 30 2023, reaching Rs 136.56 crores. The company also reported a 8.17 percent increase in its consolidated revenue from operations, which came in at Rs 1,594.93 crore, in contrast to Rs 1,475.01 crores in Q2FY23. This increase in PAT can be attributed to the reduction in depreciation and amortisation expense.
 

On a sequential basis, the company exhibited a 7.26 per cent increase in revenue along with PAT, which rose 13.29 per cent.

This quarter the branded business in India generated revenues of Rs 577 crore, representing a 5 per cent y-o-y increase. Specialty therapies within the branded business recorded a growth of 10 per cent.

The API (Active Pharmaceutical Ingredient) business reported a 10 per cent growth in revenues, reaching Rs 322 crore in the quarter.

Commenting on the results, Pranav Amin, Managing Director of Alembic Pharmaceuticals, stated, “It was a satisfactory quarter led by growth in all the verticals of the company, in particular Ex-US which grew by 17 per cent, and the API business outperformed with a 10 per cent growth during the quarter.”

Revenues from US generics reached Rs 444 crore, marking a 6 per cent increase y-o-y and 14 per cent growth on a quarter-over-quarter (q-o-q) basis. The company now exports products from both its general injectable and oncology plants. During the quarter, the company received six Abbreviated New Drug Application (ANDA) approvals, bringing the cumulative total of ANDA approvals to 190.