Indegene slips 4% as net profit drops sequentially in March quarter

Shares of Indegene fell by 4.3 per cent at Rs 504.55 per share on the BSE in Thursday’s intraday trade. The fall in the stock price came after the company reported a sequential decline in profits in the fourth quarter of the fiscal year 2023-24 (Q4FY24). The company listed on Indian bourses on May 13, 2024. 

On Wednesday, the pharmaceutical commercialisation firm reported a revenue of Rs 673 crore, marking a 6.5 per cent jump from Rs 632 crore in the same period a year ago. However, the revenues remained on a quarter on quarter basis. 

The company’s net profit surged by 94.6 per cent to Rs 94.9 crore in the quarter ending March 31, 2024, compared to Rs 48.8 crore in the corresponding period last year. Whereas the profits fell by 3.9 per cent sequentially against Rs 98.8 crore recorded in Q3FY24. 

During the quarter under review, the company's earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose by 48.7 per cent to Rs 164.3 crore from Rs 110.5 crore in the same quarter of the previous year. Ebitda margin improved to 24.1 per cent in the March quarter from 17.5 per cent in Q4FY23. 

For the full fiscal year 2023-24, the revenue from operations surged by 12.3 per cent YoY to Rs 2,589 crore, while net profits saw a 26.5 per cent uptick, reaching Rs 336 crore as against Rs 266 crore in FY24. 

Suhas Prabhu, chief financial officer at Indegene said, “Our financial results reflect our focus on operational excellence, cost optimization and value-driven service delivery. While revenue grew steadily, we delivered strong growth in margins, with a healthy cash conversion and a strong balance sheet, providing us with the flexibility to invest in growth opportunities. We remain committed to delivering value to our clients and shareholders through deep domain expertise, innovation and operational excellence."

At 11:49 AM; the stock of the compan y was trading 4.02 per cent lower at Rs 506.65 per share on the BSE. In comparison the S&P BSE Sensex fell 0.59 per cent. 

Indegene provides research and commercialisation services to biopharmaceutical and healthcare enterprises