Cadila Healthcare consolidated Q4 net up 53% to Rs 59 bn; income grows 27%

Standalone profit down 48% to Rs 24.3 bn; company gets board nod for fund raising proposals

Ahmedabad-based Cadila Healthcare (Zydus Cadila) registered a 53.55 per cent rise in its consolidated net profit for the fourth quarter ended March 31, 2018 for the fiscal 2017-18 to close at Rs 59.08 billion. As per the company's filing on the BSE, its consolidated net profit for the corresponding period last year was Rs 38.55 billion.

Cadila Healthcare's consolidated total income grew by 26.77 per cent to stand at Rs 327.89 billion in Q4 of FY18, up from Rs 258.64 billion in Q4 of FY17. On a standalone basis, Zydus Cadila's Q4 net profit fell by 48.40 per cent to close at Rs 24.32 billion in 2017-18, from Rs 47.14 for the corresponding period last year, as per its BSE filing. The company's standalone total income, however, grew by 20.47 per cent at Rs 148.56 in the fourth quarter ended March 31, 2018, up from Rs 123.31 billion in the said period last year.

Board of Directors of Cadila Healthcare on Friday also gave in-principle approval for the company's fund raising proposals. The company plans to raise up to Rs 100 billion via issue of equity shares, convertible bonds or debentures through Qualified Institutional Placement (QIP). In its BSE filing, the company also informed that it planned to raise Rs 35 billion by issuing secured or unsecured redeemable non-convertible debentures or foreign currency bonds on private placement basis.

The board also gave in-principle approval for raising Rs 50 billion by issuing foreign currency bonds or convertible bonds.

For the entire fiscal 2017-18, Cadila Healthcare's consolidated net profit rose by 19.36 per cent to Rs 177.58 billion, from Rs 148.77 billion last year while its consolidated total income for the FY'18 increased by 24.21 per cent to close at Rs 1204.96 billion, from Rs 970.07 billion last year, as per its BSE filing. On a standalone basis, however, Cadila Healthcare's net profit for the full year 2017-18 rose by 64.8 per cent to close at Rs 109.08 billion as against Rs 66.19 billion in the previous year.

The company stated in an official communique that in strengthening its regulatory pipeline, it had filed 26 ANDAs during the year with the USFDA, taking the cumulative filings to 330. The company received 77 ANDA approvals taking the total to 186 product approvals.

Further, during the fourth quarter, the company entered into a definitive agreement with Medicure International Inc., a subsidiary of Medicure Inc. to commercialise its 505(b)(2) New Drug Application (NDA) product, pitavastatin magnesium (Zypitamag) in the US. "The launch of Zypitamag, which is used to manage cholesterol levels, marks the first branded product launch for Zydus in the US," it stated.