For
the quarter ending Sept 2023, Consolidated Net sales (including other operating income) of Alkem Laboratories has increased 11.72% to Rs 3440.17 crore compared to quarter ended Sept 2022. Operating profit margin has jumped from 14.74% to 21.71%, leading to 64.51% rise in operating profit to Rs 746.73 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 27.84% to 24.47%. Purchase of finished goods cost rose from 11.65% to 12.82%. Employee cost decreased from 19.49% to 16.48%. Other expenses fell from 25.52% to 24.07%. Other income rose 24.71% to Rs 63.19 crore. PBIDT rose 60.51% to Rs 809.92 crore. Provision for interest rose 22.01% to Rs 30.32 crore. Loan funds declined from Rs 1,854.59 crore as of 30 September 2022 to Rs 1,441.33 crore as of 30 September 2023. Inventories declined from Rs 2,785.09 crore as of 30 September 2022 to Rs 2,541.46 crore as of 30 September 2023. Sundry debtors were higher at Rs 2,447.82 crore as of 30 September 2023 compared to Rs 2,146.73 crore as of 30 September 2022. Cash and bank balance rose to Rs 3,300.68 crore as of 30 September 2023 from Rs 2,632.30 crore as of 30 September 2022. Investments rose to Rs 625.54 crore as of 30 September 2023 from Rs 420.29 crore as of 30 September 2022 .
PBDT rose 62.51% to Rs 779.6 crore. Provision for depreciation fell 4.52% to Rs 73.9 crore. Fixed assets declined from Rs 2,792.29 crore as of 30 September 2022 to Rs 2,670.30 crore as of 30 September 2023. Intangible assets declined from Rs 488.28 crore to Rs 415.56 crore.
Profit before tax grew 75.40% to Rs 705.70 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 33.15 crore, compared to Rs 54.61 crore. Effective tax rate was 5.12% compared to 13.57%.
Net profit attributable to owners of the company increased 87.56% to Rs 620.52 crore. Equity capital stood at Rs 23.91 crore as of 30 September 2023 to Rs 23.91 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 56.74% as of 30 September 2023 ,compared to 57.16% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Alkem Laboratories has increased 13.30% to Rs 6407.89 crore.
Operating profit margin has jumped from 11.62% to 17.73%, leading to 72.86% rise in operating profit to Rs 1,135.92 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 27.92% to 26.19%. Purchase of finished goods cost rose from 11.84% to 12.44%. Employee cost decreased from 20.42% to 17.75%. Other expenses fell from 27.65% to 25.66%. Other income rose 26.40% to Rs 129.03 crore. PBIDT rose 66.61% to Rs 1264.95 crore. Provision for interest rose 17.02% to Rs 60.09 crore. Loan funds declined from Rs 1,854.59 crore as of 30 September 2022 to Rs 1,441.33 crore as of 30 September 2023. Inventories declined from Rs 2,785.09 crore as of 30 September 2022 to Rs 2,541.46 crore as of 30 September 2023. Sundry debtors were higher at Rs 2,447.82 crore as of 30 September 2023 compared to Rs 2,146.73 crore as of 30 September 2022. Cash and bank balance rose to Rs 3,300.68 crore as of 30 September 2023 from Rs 2,632.30 crore as of 30 September 2022. Investments rose to Rs 625.54 crore as of 30 September 2023 from Rs 420.29 crore as of 30 September 2022 .
PBDT rose 70.21% to Rs 1204.86 crore. Provision for depreciation fell 4.78% to Rs 146.31 crore. Fixed assets declined from Rs 2,792.29 crore as of 30 September 2022 to Rs 2,670.30 crore as of 30 September 2023. Intangible assets declined from Rs 488.28 crore to Rs 415.56 crore.
Profit before tax grew 91% to Rs 1,058.55 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 98.19 crore, compared to Rs 75.05 crore. Effective tax rate was 9.81% compared to 13.54%.Net profit attributable to owners of the company increased 97.88% to Rs 907.25 crore.
Equity capital stood at Rs 23.91 crore as of 30 September 2023 to Rs 23.91 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 56.74% as of 30 September 2023 ,compared to 57.16% as of 30 September 2022 .
Cash flow from operating activities increased to Rs 934.92 crore for YTD ended September 2023 from Rs 563.73 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 116.30 crore, compared to Rs 132.48 crore during the YTD ended September 2022.
Full year results analysis.
Net sales (including other operating income) of Alkem Laboratories has increased 9.08% to Rs 11599.26 crore. Operating profit margin has declined from 19.30% to 13.88%, leading to 21.60% decline in operating profit to Rs 1,609.45 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.88% to 27.45%. Purchase of finished goods cost fell from 13.34% to 12.46%. Employee cost increased from 17.57% to 19.14%. Other expenses rose from 21.83% to 26.50%. Other income rose 32.85% to Rs 216.08 crore. PBIDT fell 17.60% to Rs 1825.53 crore. Provision for interest rose 105% to Rs 107.36 crore. Loan funds declined from Rs 2,601.72 crore as of 31 March 2022 to Rs 1,492.36 crore as of 31 March 2023. Inventories declined from Rs 3,005.53 crore as of 31 March 2022 to Rs 2,607.53 crore as of 31 March 2023. Sundry debtors were higher at Rs 2,132.18 crore as of 31 March 2023 compared to Rs 1,884.60 crore as of 31 March 2022. Cash and bank balance rose to Rs 2,616.89 crore as of 31 March 2023 from Rs 2,578.58 crore as of 31 March 2022. Investments rose to Rs 621.82 crore as of 31 March 2023 from Rs 370.98 crore as of 31 March 2022 .
PBDT fell 20.57% to Rs 1718.17 crore. Provision for depreciation rose 2.13% to Rs 310.42 crore. Fixed assets declined from Rs 2,838.12 crore as of 31 March 2022 to Rs 2,592.92 crore as of 31 March 2023. Intangible assets increased from Rs 403.09 crore to Rs 413.17 crore.
Profit before tax down 24.28% to Rs 1,407.75 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -102.98 crore. Provision for tax was expense of Rs 297.96 crore, compared to Rs 163.96 crore. Effective tax rate was 22.84% compared to 8.89%.
Minority interest decreased 34.76% to Rs 22.64 crore. Net profit attributable to owners of the company decreased 40.19% to Rs 984.17 crore.
Equity capital stood at Rs 23.91 crore as of 31 March 2023 to Rs 23.91 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 57.16% as of 31 March 2023 ,compared to 57.14% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 1,682.50 crore for year ended March 2023 from Rs 1,111.02 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 232.91 crore, compared to Rs 338.88 crore during the year ended March 2022.
Other Highlights
In
Q2 FY24, India sales increased 5% and International sales up by 27.1% compared
to Q2 FY23. Non US Business also saw growth of 27.3% YoY.
In
H1 FY24, India sales increased 5.8% and International sales up by 30.2%
compared to H1 FY23.
R&D
expenses for the quarter was Rs 115.8 crore representing 3.4% of total revenue
from operations.
In
Q2 FY24, India sales contributed 68.8% to total sales, US sales contributed
22.7% and Other International Market sales contributed 8.5%.