For the
quarter ending Dec 2021,Consolidated net sales (including other operating income) of Alkem Laboratories has increased 12.98% to Rs 2618.98 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 22.83% to 19.03%, leading to 5.79% decline in operating profit to Rs 498.45 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.45% to 28.07%. Purchase of finished goods cost fell from 14.93% to 13.62%. Employee cost increased from 16.22% to 16.93%. Other expenses rose from 19.45% to 23.47%. Other income fell 44.48% to Rs 53.52 crore. PBIDT fell 11.76% to Rs 551.97 crore. Provision for interest fell 19.13% to Rs 10.57 crore. PBDT fell 11.60% to Rs 541.4 crore. Provision for depreciation rose 12.26% to Rs 77.46 crore. Profit before tax down 14.63% to Rs 463.94 crore. Share of profit/loss were nil in both the periods. Provision for tax was credit of Rs 69.41 crore, compared to debit of Rs 79.59 crore. Effective tax rate was negative 14.96% compared to 14.65%. Minority interest decreased 40.34% to Rs 7.69 crore. Net profit attributable to owners of the company increased 16.56% to Rs 525.66 crore. Promoters’ stake was 57.13% as of 31 December 2021 ,compared to 62.43% as of 31 December 2020 .
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For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Alkem Laboratories has increased 22.14% to Rs 8150.33 crore. Operating profit margin has declined from 24.75% to 21.05%, leading to 3.90% rise in operating profit to Rs 1,715.69 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.94% to 27.31%. Purchase of finished goods cost fell from 15.74% to 13.95%. Employee cost increased from 17.46% to 17.59%. Other expenses rose from 18.07% to 21.01%. Other income fell 23.97% to Rs 142.13 crore. PBIDT rose 1.07% to Rs 1857.82 crore. Provision for interest fell 26.57% to Rs 35.4 crore. PBDT rose 1.81% to Rs 1822.42 crore. Provision for depreciation rose 7.16% to Rs 220.82 crore. Profit before tax grew 1.11% to Rs 1,601.60 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 29.49 crore, compared to Rs 215.39 crore. Effective tax rate was 1.84% compared to 13.60%.Minority interest increased 44.86% to Rs 34.07 crore. Net profit attributable to owners of the company increased 14.35% to Rs 1,538.04 crore. Promoters’ stake was 57.13% as of 31 December 2021 ,compared to 62.43% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Alkem Laboratories has increased 6.24% to Rs 8865.01 crore. Operating profit margin has jumped from 17.66% to 21.91%, leading to 31.83% rise in operating profit to Rs 1,942.39 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.86% to 26.03%. Purchase of finished goods cost fell from 16.83% to 15.63%. Employee cost increased from 17.56% to 17.62%. Other expenses fell from 23.57% to 19.60%. Other income rose 123.77% to Rs 233.21 crore. PBIDT rose 37.90% to Rs 2175.6 crore. Provision for interest fell 9.44% to Rs 58.92 crore. Loan funds rose to Rs 1,722.27 crore as of 31 March 2021 from Rs 1,577.42 crore as of 31 March 2020. Inventories rose to Rs 2,312.44 crore as of 31 March 2021 from Rs 1,818.82 crore as of 31 March 2020. Sundry debtors were lower at Rs 1,607.21 crore as of 31 March 2021 compared to Rs 1,649.36 crore as of 31 March 2020. Cash and bank balance rose to Rs 1,990.45 crore as of 31 March 2021 from Rs 1,092.21 crore as of 31 March 2020. Investments rose to Rs 332.78 crore as of 31 March 2021 from Rs 261.39 crore as of 31 March 2020 . PBDT rose 39.94% to Rs 2116.68 crore. Provision for depreciation rose 8.63% to Rs 274.58 crore. Fixed assets declined from Rs 2,872.53 crore as of 31 March 2020 to Rs 2,790.87 crore as of 31 March 2021. Intangible assets declined from Rs 398.45 crore to Rs 395.39 crore. Profit before tax grew 46.22% to Rs 1,842.10 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 224.33 crore, compared to Rs 110.48 crore. Effective tax rate was 12.18% compared to 8.77%. Minority interest increased 47.26% to Rs 32.75 crore. Net profit attributable to owners of the company increased 40.63% to Rs 1,585.02 crore. Equity capital stood at Rs 23.91 crore as of 31 March 2021 to Rs 23.91 crore as of 31 March 2020. Per share face Value remained same at Rs 2.00. Promoters’ stake was 60.16% as of 31 March 2021 ,compared to 65.88% as of 31 March 2020 . Cash flow from operating activities increased to Rs 1,264.90 crore for year ended March 2021 from Rs 585.08 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 194.91 crore, compared to Rs 363.09 crore during the year ended March 2020.
Other Highlights
Board Declared
Interim Dividend of Rs 30 per equity share on the face value of Rs 2 per share
for the financial year 2021-22. The date of payment of lnterim Dividend shall be
on and from 24th February, 2022 and record date for the purpose of payment of
Interim Dividend for the financial year 2021 -22 would be 12th February, 2022.
In Q3 FY22,
India sales grew 19.9% and International sales down by 0.4% compared to Q3
FY21.
For 9M FY22,
India sales grew 34.5% and International sales up by 1.2% compared to 9M FY21.
R&D
expenses for the quarter was Rs 144.9 crore representing 5.5% of total revenue
from operations. R&D expenses for 9M FY22 was Rs 403.9 crore representing
5% of total revenue from operations.
In Q3 FY22,
India sales contributed 70.2% to total sales, US sales contributed 22.2% and
Other International Market sales contributed 7.6%.
During the
quarter, the Company filed 1 abbreviated new drug applications (ANDAs) with the
US FDA and received 6 approvals (including 1 tentative approvals). For 9MFY22,
the Company filed 9 ANDAs with the US FDA and received 18 approvals (including
3 tentative approvals).
| Alkem Laboratories : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,618.98 | 2,318.05 | 12.98 | 8,150.33 | 6,672.85 | 22.14 | 8,865.01 | 8,344.36 | 6.24 | | OPM (%) | 19.03 | 22.83 | -379 bps | 21.05 | 24.75 | -370 bps | 21.91 | 17.66 | 425 bps | | OP | 498.45 | 529.11 | -5.79 | 1,715.69 | 1,651.29 | 3.90 | 1,942.39 | 1,473.39 | 31.83 | | Other Inc. | 53.52 | 96.40 | -44.48 | 142.13 | 186.93 | -23.97 | 233.21 | 104.22 | 123.77 | | PBIDT | 551.97 | 625.51 | -11.76 | 1,857.82 | 1,838.22 | 1.07 | 2,175.60 | 1,577.61 | 37.90 | | Interest | 10.57 | 13.07 | -19.13 | 35.40 | 48.21 | -26.57 | 58.92 | 65.06 | -9.44 | | PBDT | 541.40 | 612.44 | -11.60 | 1,822.42 | 1,790.01 | 1.81 | 2,116.68 | 1,512.55 | 39.94 | | Depreciation | 77.46 | 69 | 12.26 | 220.82 | 206.07 | 7.16 | 274.58 | 252.76 | 8.63 | | PBT | 463.94 | 543.44 | -14.63 | 1601.6 | 1583.94 | 1.11 | 1842.1 | 1259.79 | 46.22 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 463.94 | 543.44 | -14.63 | 1601.6 | 1583.94 | 1.11 | 1842.1 | 1259.79 | 46.22 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 463.94 | 543.44 | -14.63 | 1601.6 | 1583.94 | 1.11 | 1842.1 | 1259.79 | 46.22 | | Taxation | -69.41 | 79.59 | LP | 29.49 | 215.39 | -86.31 | 224.33 | 110.48 | 103.05 | | PAT | 533.35 | 463.85 | 14.98 | 1572.11 | 1368.55 | 14.87 | 1617.77 | 1149.31 | 40.76 | | Minority Interest (MI) | 7.69 | 12.89 | -40.34 | 34.07 | 23.52 | 44.86 | 32.75 | 22.24 | 47.26 | | Net profit | 525.66 | 450.96 | 16.56 | 1538.04 | 1345.03 | 14.35 | 1585.02 | 1127.07 | 40.63 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 525.66 | 450.96 | 16.56 | 1538.04 | 1345.03 | 14.35 | 1585.02 | 1127.07 | 40.63 | | EPS (Rs)* | 38.24 | 37.72 | 1.39 | 128.64 | 112.49 | 14.35 | 132.57 | 94.26 | 40.63 | | | * EPS is on current equity of Rs 23.91 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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