Profit before tax increased by 96.4% year on year to Rs 1,343.4 crore in Q1 FY24.

EBITDA in Q1 FY24 was at Rs 1,505.3 crore, registering a growth of 80.7% YoY. EBITDA margin improved to 29.3% in Q1 FY24 as compared to 21% reported in the same period a year ago.

Research & Development (R&D) investments for the quarter stood at Rs 323.9 crore (6.3% of revenues). Capex (organic) for the quarter was at Rs 220.3 crore.

Revenue from formulations business stood at Rs 1,227 crore in Q1 FY24, up by 9% YoY. Branded business growth was 10% YoY. Excluding the impact of NLEM led price reduction, the branded business grew 12% YoY. India formulations business accounted for 24% of consolidated revenues.

Revenue from US formulations business was at Rs 2,454.1 crore up 57% YoY. The business accounted for 48% of consolidated revenues. In constant currency terms, the business registered revenues of $298 million. Growth during the quarter was driven by new product launches and improvement in base business.

Revenue from emerging markets (EM) and Europe formulations business jumped 30% YoY to Rs 489.3 crore in Q1 FY24, The business accounted for 10% of consolidated revenues.

Revenue from APIs business jumped 13% YoY to Rs 138.9 crore in Q1 FY24. The business accounted for 3% of consolidated revenues.

The company has Filed 4 ANDAs and received approval for 20 new products (including 3 tentative approvals) during the quarter. It has Launched 4 new products in Q1 FY24.

Sharvil Patel, managing director, Zydus Lifesciences, said, “We are delighted to deliver strong performance during the quarter with broad based operational growth in our key businesses and a favourable product mix enhancing our profitability. Strong execution and volume offtake drove revenue ramp-up in the US, while the India branded formulations business. adjusting for NLEM impact delivered solid 12% growth. We remain reassured on achieving profitable growth aspirations for the fiscal year and thereby enhance stakeholder value. Our persistent commitment to maintaining high quality standards and pursuing innovation will boost our sustainable growth prospects.”

Zydus Lifesciences is a discovery-driven, global lifesciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies.

The scrip declined 1.47% to Rs 648.40 on the BSE.