For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of Ipca Laboratories has increased 1.46% to Rs 1430.47 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 26.03% to 21.52%, leading to 16.11% decline in operating profit to Rs 307.81 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.40% to 28.21%. Purchase of finished goods cost rose from 7.05% to 8.74%. Employee cost increased from 17.69% to 19.19%. Other expenses rose from 20.38% to 23.03%. Other income fell 20.03% to Rs 12.3 crore. PBIDT fell 16.27% to Rs 320.11 crore. Provision for interest fell 37.55% to Rs 1.43 crore. PBDT fell 16.14% to Rs 318.68 crore. Provision for depreciation rose 9.59% to Rs 58.65 crore. Profit before tax down 20.36% to Rs 260.03 crore. Share of profit/loss was 107.69% lower at Rs -4.59 crore. Provision for tax was expense of Rs 57.33 crore, compared to Rs 56.73 crore. Effective tax rate was 22.44% compared to 17.49%. Minority interest decreased 14.83% to Rs 1.78 crore. Net profit attributable to owners of the company decreased 26.04% to Rs 196.33 crore. Promoters’ stake was 46.29% as of 31 December 2021 ,compared to 46.29% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ipca Laboratories has increased 5.47% to Rs 4540.69 crore. Operating profit margin has declined from 30.55% to 24%, leading to 17.14% decline in operating profit to Rs 1,089.93 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 27.31% to 27.58%. Purchase of finished goods cost rose from 5.18% to 7.44%. Employee cost increased from 17.50% to 19.36%. Other expenses rose from 19.55% to 21.63%. Other income rose 21.23% to Rs 52.03 crore. PBIDT fell 15.93% to Rs 1141.96 crore. Provision for interest fell 41.28% to Rs 4.31 crore. PBDT fell 15.79% to Rs 1137.65 crore. Provision for depreciation rose 9.45% to Rs 171.48 crore. Profit before tax down 19.10% to Rs 966.17 crore. Share of profit/loss was 137.50% lower at Rs -12.35 crore. Provision for tax was expense of Rs 196.01 crore, compared to Rs 209.21 crore. Effective tax rate was 20.55% compared to 17.59%.Minority interest increased 211.81% to Rs 3.96 crore. Net profit attributable to owners of the company decreased 22.97% to Rs 753.85 crore. Promoters’ stake was 46.29% as of 31 December 2021 ,compared to 46.29% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Ipca Laboratories has increased 16.59% to Rs 5419.99 crore. Operating profit margin has jumped from 19.50% to 28.49%, leading to 70.33% rise in operating profit to Rs 1,544.35 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 30.27% to 28.45%. Purchase of finished goods cost fell from 7.46% to 5.81%. Employee cost decreased from 19.09% to 18.05%. Other expenses fell from 24.39% to 20.19%. Other income fell 6.21% to Rs 62.84 crore. PBIDT rose 65.06% to Rs 1607.19 crore. Provision for interest fell 45.21% to Rs 9.04 crore. Loan funds declined from Rs 432.81 crore as of 31 March 2020 to Rs 265.39 crore as of 31 March 2021. Inventories rose to Rs 1,594.81 crore as of 31 March 2021 from Rs 1,323.12 crore as of 31 March 2020. Sundry debtors were lower at Rs 811.75 crore as of 31 March 2021 compared to Rs 895.20 crore as of 31 March 2020. Cash and bank balance rose to Rs 365.07 crore as of 31 March 2021 from Rs 180.92 crore as of 31 March 2020. Investments rose to Rs 505.26 crore as of 31 March 2021 from Rs 309.56 crore as of 31 March 2020 . PBDT rose 66.96% to Rs 1598.15 crore. Provision for depreciation fell 0.63% to Rs 209.17 crore. Fixed assets increased to Rs 2,260.65 crore as of 31 March 2021 from Rs 2,129.57 crore as of 31 March 2020. Intangible assets declined from Rs 62.44 crore to Rs 46.60 crore. Profit before tax grew 86.02% to Rs 1,388.98 crore. Share of profit/loss was 1.41% higher at Rs -7.7 crore. Provision for tax was expense of Rs 240.14 crore, compared to Rs 135.33 crore. Effective tax rate was 17.39% compared to 18.32%. Net profit attributable to owners of the company increased 88.02% to Rs 1,140.01 crore. Equity capital increased from Rs 25.27 crore as of 31 March 2020 to Rs 25.37 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00. Promoters’ stake was 46.29% as of 31 March 2021 ,compared to 46.07% as of 31 March 2020 . Cash flow from operating activities increased to Rs 1,090.13 crore for year ended March 2021 from Rs 570.35 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 361.55 crore, compared to Rs 306.28 crore during the year ended March 2020.
Other Highlights
In the extra-ordinary
general meeting of the Comapny held on December 16, 2021, each equity share of
face value of Rs 2 per share was subdivided into two equity shares of face
value of Rs 1 per share, with effect from January 11, 2022.
In Q3 FY22, Exports went
down 19%, Indian formulations rose 23% compared to Q3 FY21.
For 9M FY22, Exports went
down 9%, Indian formulations rose 26% compared to 9M FY21.
| Ipca 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) | 1,430.47 | 1,409.83 | 1.46 | 4,540.69 | 4,305.33 | 5.47 | 5,419.99 | 4,648.71 | 16.59 | | OPM (%) | 21.52 | 26.03 | -451 bps | 24.00 | 30.55 | -655 bps | 28.49 | 19.50 | 899 bps | | OP | 307.81 | 366.93 | -16.11 | 1,089.93 | 1,315.44 | -17.14 | 1,544.35 | 906.70 | 70.33 | | Other Inc. | 12.30 | 15.38 | -20.03 | 52.03 | 42.92 | 21.23 | 62.84 | 67.00 | -6.21 | | PBIDT | 320.11 | 382.31 | -16.27 | 1,141.96 | 1,358.36 | -15.93 | 1,607.19 | 973.70 | 65.06 | | Interest | 1.43 | 2.29 | -37.55 | 4.31 | 7.34 | -41.28 | 9.04 | 16.50 | -45.21 | | PBDT | 318.68 | 380.02 | -16.14 | 1,137.65 | 1,351.02 | -15.79 | 1,598.15 | 957.20 | 66.96 | | Depreciation | 58.65 | 53.52 | 9.59 | 171.48 | 156.67 | 9.45 | 209.17 | 210.5 | -0.63 | | PBT | 260.03 | 326.50 | -20.36 | 966.17 | 1194.35 | -19.10 | 1388.98 | 746.7 | 86.02 | | Share of Profit/(Loss) from Associates | -4.59 | -2.21 | -107.69 | -12.35 | -5.2 | -137.50 | -7.7 | -7.81 | 1.41 | | PBT before EO | 255.44 | 324.29 | -21.23 | 953.82 | 1189.15 | -19.79 | 1381.28 | 738.89 | 86.94 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 255.44 | 324.29 | -21.23 | 953.82 | 1189.15 | -19.79 | 1381.28 | 738.89 | 86.94 | | Taxation | 57.33 | 56.73 | 1.06 | 196.01 | 209.21 | -6.31 | 240.14 | 135.33 | 77.45 | | PAT | 198.11 | 267.56 | -25.96 | 757.81 | 979.94 | -22.67 | 1141.14 | 603.56 | 89.07 | | Minority Interest (MI) | 1.78 | 2.09 | -14.83 | 3.96 | 1.27 | 211.81 | 1.13 | -2.76 | PL | | Net profit | 196.33 | 265.47 | -26.04 | 753.85 | 978.67 | -22.97 | 1140.01 | 606.32 | 88.02 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 196.33 | 265.47 | -26.04 | 753.85 | 978.67 | -22.97 | 1140.01 | 606.32 | 88.02 | | EPS (Rs)* | 7.74 | 10.46 | -26.04 | 29.71 | 38.58 | -22.97 | 44.93 | 23.90 | 88.02 | | | * EPS is on current equity of Rs 25.37 crore, Face value of Rs 1, 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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