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On a consolidated basis, profit before tax rose 6.17% year-on-year to Rs 581.54 crore. During the quarter, total expenses rose 22.15% YoY to Rs 2,260.41 crore. Employee expense jumped 21.20% YoY to Rs 494.49 crore. Raw material cost increased 63.22% YoY to Rs 773.16 crore.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs 624.4 crore, resulting in EBITDA margin of 22.3% as against 25.4% in Q2FY21. EBITDA grew by 4% YoY.
R&D expenses for the quarter was Rs 140.7 crore, or 5% of total revenue from operations compared to Rs 139.3 crore in Q2FY21 at 5.9% of total revenue from operations.
In Q2FY22, the company's India sales grew by 25.9% YoY, recording sales of Rs 1960.5 crore as against Rs 1557.4 crore in Q2FY21.
In Q2FY22, the company's International sales grew by 3.4% YoY, recording sales of Rs 805.2 crore as compared to Rs 779 crore in Q2FY21.
During the quarter, the company filed 6 abbreviated new drug applications (ANDAs) with the US FDA and received 7 approvals (including 2 tentative approvals).
Commenting on the results, Sandeep Singh, managing director, Alkem said, "First six months of the financial year has been a very healthy period for the Company's India business with over 40% YoY growth mainly driven by the acute therapies. Even in chronic therapies and trade generic business, the Company continues to grow ahead of the market. In the US business, new product launches have helped to offset significant pricing pressure in the base business. Our continuous efforts towards cost optimization and driving process efficiencies are also showing good results with improvement in profitability."
The US FDA had conducted a remote and virtual bio-analytical inspection of the company's Bioequivalence Center located at Taloja in Maharashtra from 26 to 28 July 2021. At the end of the inspection, no Form 483 was issued.
The company's formulations facility at St. Louis in the US was last inspected in June 2021. The facility received 2 observations. The company has already submitted a detailed response to the US FDA on the corrective and preventive actions it is taking to address them.
Alkem Laboratories is a leading Indian pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products. The company produces branded generics, generic drugs, active pharmaceutical ingredients (APIs) and nutraceuticals, which it markets in India and International markets.
Shares of Alkem Laboratories were up 0.93% to Rs 3564.70 on the BSE.
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