For the
quarter ending March 2022, consolidated net sales (including other operating income) of Ipca Laboratories has increased 15.65% to Rs 1289.1 crore compared to quarter ended march 2021.
Operating profit margin has declined from 20.54% to 17.01%, leading to 4.19% decline in operating profit to Rs 219.33 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 32.22% to 29.04%. Purchase of finished goods cost rose from 7.90% to 10.05%. Employee cost increased from 19.88% to 21.01%. Other expenses rose from 22.34% to 24.41%. Other income fell 27.01% to Rs 14.54 crore. PBIDT fell 6.01% to Rs 233.87 crore. Provision for interest rose 98.82% to Rs 3.38 crore. Loan funds rose to Rs 807.22 crore as of 31 March 2022 from Rs 265.39 crore as of 31 March 2021. Inventories rose to Rs 1,857.97 crore as of 31 March 2022 from Rs 1,594.81 crore as of 31 March 2021. Sundry debtors were higher at Rs 910.78 crore as of 31 March 2022 compared to Rs 811.75 crore as of 31 March 2021. Cash and bank balance rose to Rs 640.66 crore as of 31 March 2022 from Rs 365.07 crore as of 31 March 2021. Investments rose to Rs 989.19 crore as of 31 March 2022 from Rs 505.26 crore as of 31 March 2021 . PBDT fell 6.73% to Rs 230.49 crore. Provision for depreciation rose 16.08% to Rs 60.94 crore. Fixed assets increased to Rs 2,669.79 crore as of 31 March 2022 from Rs 2,260.65 crore as of 31 March 2021. Intangible assets increased from Rs 46.60 crore to Rs 54.16 crore. Profit before tax down 12.89% to Rs 169.55 crore. Share of profit/loss was 252.40% lower at Rs -8.81 crore. Provision for tax was expense of Rs 28.76 crore, compared to Rs 30.93 crore. Effective tax rate was 17.89% compared to 16.10%. Minority interest stood at Rs 1.75 crore compared to loss of Rs 0.14 crore. Net profit attributable to owners of the company decreased 19.28% to Rs 130.23 crore. Equity capital stood at Rs 25.37 crore as of 31 March 2022 to Rs 25.37 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00. Promoters’ stake was 46.29% as of 31 March 2022 ,compared to 46.29% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Ipca Laboratories has increased 7.56% to Rs 5829.79 crore. Operating profit margin has declined from 28.49% to 22.46%, leading to 15.22% decline in operating profit to Rs 1,309.26 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.45% to 27.93%. Purchase of finished goods cost rose from 5.81% to 8.06%. Employee cost increased from 18.05% to 19.76%. Other expenses rose from 20.19% to 22.29%. Other income rose 5.94% to Rs 66.57 crore. PBIDT fell 14.40% to Rs 1375.83 crore. Provision for interest fell 14.93% to Rs 7.69 crore. Loan funds rose to Rs 807.22 crore as of 31 March 2022 from Rs 265.39 crore as of 31 March 2021. Inventories rose to Rs 1,857.97 crore as of 31 March 2022 from Rs 1,594.81 crore as of 31 March 2021. Sundry debtors were higher at Rs 910.78 crore as of 31 March 2022 compared to Rs 811.75 crore as of 31 March 2021. Cash and bank balance rose to Rs 640.66 crore as of 31 March 2022 from Rs 365.07 crore as of 31 March 2021. Investments rose to Rs 989.19 crore as of 31 March 2022 from Rs 505.26 crore as of 31 March 2021 . PBDT fell 14.39% to Rs 1368.14 crore. Provision for depreciation rose 11.12% to Rs 232.42 crore. Fixed assets increased to Rs 2,669.79 crore as of 31 March 2022 from Rs 2,260.65 crore as of 31 March 2021. Intangible assets increased from Rs 46.60 crore to Rs 54.16 crore. Profit before tax down 18.23% to Rs 1,135.72 crore. Share of profit/loss was 174.81% lower at Rs -21.16 crore. Provision for tax was expense of Rs 224.77 crore, compared to Rs 240.14 crore. Effective tax rate was 20.17% compared to 17.39%. Minority interest increased 405.31% to Rs 5.71 crore. Net profit attributable to owners of the company decreased 22.45% to Rs 884.08 crore. Equity capital stood at Rs 25.37 crore as of 31 March 2022 to Rs 25.37 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00. Promoters’ stake was 46.29% as of 31 March 2022 ,compared to 46.29% as of 31 March 2021 .
Other Highlights
In Q4 FY22, Exports went
down 4%, Indian formulations rose 27% compared to Q4 FY21.
For FY22, Exports went down
8%, Indian formulations rose 27% compared to FY21.
| Ipca Laboratories : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 1,289.10 | 1,114.66 | 15.65 | 5,829.79 | 5,419.99 | 7.56 | | OPM (%) | 17.01 | 20.54 | -352 bps | 22.46 | 28.49 | -604 bps | | OP | 219.33 | 228.91 | -4.19 | 1,309.26 | 1,544.35 | -15.22 | | Other Inc. | 14.54 | 19.92 | -27.01 | 66.57 | 62.84 | 5.94 | | PBIDT | 233.87 | 248.83 | -6.01 | 1,375.83 | 1,607.19 | -14.40 | | Interest | 3.38 | 1.70 | 98.82 | 7.69 | 9.04 | -14.93 | | PBDT | 230.49 | 247.13 | -6.73 | 1,368.14 | 1,598.15 | -14.39 | | Depreciation | 60.94 | 52.5 | 16.08 | 232.42 | 209.17 | 11.12 | | PBT | 169.55 | 194.63 | -12.89 | 1135.72 | 1388.98 | -18.23 | | Share of Profit/(Loss) from Associates | -8.81 | -2.5 | -252.40 | -21.16 | -7.7 | -174.81 | | PBT before EO | 160.74 | 192.13 | -16.34 | 1114.56 | 1381.28 | -19.31 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 160.74 | 192.13 | -16.34 | 1114.56 | 1381.28 | -19.31 | | Taxation | 28.76 | 30.93 | -7.02 | 224.77 | 240.14 | -6.40 | | PAT | 131.98 | 161.2 | -18.13 | 889.79 | 1141.14 | -22.03 | | Minority Interest (MI) | 1.75 | -0.14 | PL | 5.71 | 1.13 | 405.31 | | Net profit | 130.23 | 161.34 | -19.28 | 884.08 | 1140.01 | -22.45 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 130.23 | 161.34 | -19.28 | 884.08 | 1140.01 | -22.45 | | EPS (Rs)* | 5.13 | 6.36 | -19.28 | 34.85 | 44.93 | -22.45 | | | * 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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