For the
quarter ending March 2022,Consolidated net sales (including other operating income) of Alkem Laboratories has increased 13.31% to Rs 2483.86 crore compared to quarter ended march 2021.
Operating profit margin has jumped from 13.28% to 13.58%, leading to 15.85% rise in operating profit to Rs 337.23 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 29.38% to 33.93%. Purchase of finished goods cost fell from 15.30% to 11.37%. Employee cost decreased from 18.11% to 17.53%. Other expenses rose from 24.31% to 24.47%. Other income fell 55.66% to Rs 20.52 crore. PBIDT rose 6.04% to Rs 357.75 crore. Provision for interest rose 58.45% to Rs 16.97 crore. Loan funds rose to Rs 2,601.72 crore as of 31 March 2022 from Rs 1,722.27 crore as of 31 March 2021. Inventories rose to Rs 3,005.53 crore as of 31 March 2022 from Rs 2,312.44 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,884.60 crore as of 31 March 2022 compared to Rs 1,607.21 crore as of 31 March 2021. Cash and bank balance rose to Rs 2,578.58 crore as of 31 March 2022 from Rs 1,990.45 crore as of 31 March 2021. Investments rose to Rs 370.98 crore as of 31 March 2022 from Rs 332.78 crore as of 31 March 2021 . PBDT rose 4.32% to Rs 340.78 crore. Provision for depreciation rose 21.35% to Rs 83.14 crore. Fixed assets increased to Rs 2,838.12 crore as of 31 March 2022 from Rs 2,790.87 crore as of 31 March 2021. Intangible assets increased from Rs 395.39 crore to Rs 403.09 crore. Profit before tax down 0.20% to Rs 257.64 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 134.47 crore, compared to Rs 8.94 crore. Effective tax rate was 55.41% compared to 3.46%. Minority interest decreased 93.17% to Rs 0.63 crore. Net profit attributable to owners of the company decreased 55.17% to Rs 107.58 crore. Equity capital stood at Rs 23.91 crore as of 31 March 2022 to Rs 23.91 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00. Promoters’ stake was 57.14% as of 31 March 2022 ,compared to 60.16% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Alkem Laboratories has increased 19.96% to Rs 10634.19 crore. Operating profit margin has declined from 21.91% to 19.30%, leading to 5.69% rise in operating profit to Rs 2,052.92 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 26.03% to 28.88%. Purchase of finished goods cost fell from 15.63% to 13.34%. Employee cost decreased from 17.62% to 17.57%. Other expenses rose from 19.60% to 21.83%. Other income fell 30.26% to Rs 162.65 crore. PBIDT rose 1.84% to Rs 2215.57 crore. Provision for interest fell 11.12% to Rs 52.37 crore. Loan funds rose to Rs 2,601.72 crore as of 31 March 2022 from Rs 1,722.27 crore as of 31 March 2021. Inventories rose to Rs 3,005.53 crore as of 31 March 2022 from Rs 2,312.44 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,884.60 crore as of 31 March 2022 compared to Rs 1,607.21 crore as of 31 March 2021. Cash and bank balance rose to Rs 2,578.58 crore as of 31 March 2022 from Rs 1,990.45 crore as of 31 March 2021. Investments rose to Rs 370.98 crore as of 31 March 2022 from Rs 332.78 crore as of 31 March 2021 . PBDT rose 2.20% to Rs 2163.2 crore. Provision for depreciation rose 10.70% to Rs 303.96 crore. Fixed assets increased to Rs 2,838.12 crore as of 31 March 2022 from Rs 2,790.87 crore as of 31 March 2021. Intangible assets increased from Rs 395.39 crore to Rs 403.09 crore. Profit before tax grew 0.93% to Rs 1,859.24 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 163.96 crore, compared to Rs 224.33 crore. Effective tax rate was 8.89% compared to 12.18%. Minority interest increased 5.95% to Rs 34.70 crore. Net profit attributable to owners of the company increased 3.82% to Rs 1,645.62 crore. Equity capital stood at Rs 23.91 crore as of 31 March 2022 to Rs 23.91 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00. Promoters’ stake was 57.14% as of 31 March 2022 ,compared to 60.16% as of 31 March 2021 . Cash flow from operating activities decreased to Rs 1,111.02 crore for year ended March 2022 from Rs 1,264.90 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 338.88 crore, compared to Rs 194.91 crore during the year ended March 2021.
Other Highlights
Board recommended
a final dividend of Rs 4 per equity share of Rs 2 each for the financial year
ended 31st March, 2022. Record date for the purpose of payment of final
dividend is 10th August 2022.
In Q4 FY22,
India sales grew 16.7% and International sales up by 7.3% compared to Q4 FY21.
For FY22,
India sales grew 29.9% and International sales up by 2.6% compared to FY21.
R&D
expenses for the quarter was Rs 163.4 crore representing 6.6% of total revenue
from operations. R&D expenses for FY22 was Rs 567.4 crore representing 5.3%
of total revenue from operations.
In Q4 FY22,
India sales contributed 69.9% to total sales, US sales contributed 22% and
Other International Market sales contributed 8.1%.
During the
quarter, the Company filed 6 abbreviated new drug applications (ANDAs) with the
US FDA and received 3 final approvals. For FY22, the Company filed 14 ANDAs
with the US FDA and received 21 approvals (including 3 tentative approvals).
| Alkem Laboratories : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,483.86 | 2,192.16 | 13.31 | 10,634.19 | 8,865.01 | 19.96 | | OPM (%) | 13.58 | 13.28 | 30 bps | 19.30 | 21.91 | -261 bps | | OP | 337.23 | 291.10 | 15.85 | 2,052.92 | 1,942.39 | 5.69 | | Other Inc. | 20.52 | 46.28 | -55.66 | 162.65 | 233.21 | -30.26 | | PBIDT | 357.75 | 337.38 | 6.04 | 2,215.57 | 2,175.60 | 1.84 | | Interest | 16.97 | 10.71 | 58.45 | 52.37 | 58.92 | -11.12 | | PBDT | 340.78 | 326.67 | 4.32 | 2,163.20 | 2,116.68 | 2.20 | | Depreciation | 83.14 | 68.51 | 21.35 | 303.96 | 274.58 | 10.70 | | PBT | 257.64 | 258.16 | -0.20 | 1859.24 | 1842.1 | 0.93 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 257.64 | 258.16 | -0.20 | 1859.24 | 1842.1 | 0.93 | | EO Income | -14.96 | 0 | - | -14.96 | 0 | - | | PBT after EO | 242.68 | 258.16 | -6.00 | 1844.28 | 1842.1 | 0.12 | | Taxation | 134.47 | 8.94 | 1,404.14 | 163.96 | 224.33 | -26.91 | | PAT | 108.21 | 249.22 | -56.58 | 1680.32 | 1617.77 | 3.87 | | Minority Interest (MI) | 0.63 | 9.23 | -93.17 | 34.7 | 32.75 | 5.95 | | Net profit | 107.58 | 239.99 | -55.17 | 1645.62 | 1585.02 | 3.82 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 107.58 | 239.99 | -55.17 | 1645.62 | 1585.02 | 3.82 | | EPS (Rs)* | 9.55 | 20.07 | -52.41 | 138.75 | 132.57 | 4.67 | | | * 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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