Net sales (including other operating income) of Ipca Laboratories has increased 32.79% to Rs 2052.86 crore compared to quarter ended Dec 2022. Operating profit margin has jumped from 13.96% to 16.14%, leading to 53.49% rise in operating profit to Rs 331.33 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.26% to 29.29%. Purchase of finished goods cost fell from 9.83% to 5.59%. Employee cost increased from 21.33% to 22.05%. Other expenses fell from 30.13% to 27.16%. Other income fell 27.32% to Rs 22.45 crore. PBIDT rose 43.38% to Rs 353.78 crore. Provision for interest rose 208.12% to Rs 33.4 crore.
PBDT rose 35.81% to Rs 320.38 crore. Provision for depreciation rose 49.47% to Rs 99.5 crore.
Profit before tax grew 30.44% to Rs 220.88 crore. Share of profit/loss was 71.99% higher at Rs -1.65 crore. Provision for tax was expense of Rs 66.24 crore, compared to Rs 53.73 crore. Effective tax rate was 23.06% compared to 32.87%.
Minority interest increased 2,087.23% to Rs 41.12 crore. Net profit attributable to owners of the company increased 66.80% to Rs 179.88 crore. Promoters’ stake was 46.29% as of 31 December 2023 ,compared to 46.29% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Ipca Laboratories has increased 19.85% to Rs 5672.03 crore.
Operating profit margin has jumped from 15.76% to 16.93%, leading to 28.76% rise in operating profit to Rs 960.22 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 27.50% to 28.40%. Purchase of finished goods cost fell from 8.46% to 6.56%. Employee cost increased from 20.38% to 21.37%. Other expenses fell from 27.83% to 27.16%. Other income rose 18.63% to Rs 105.85 crore. PBIDT rose 27.68% to Rs 1066.07 crore. Provision for interest rose 301.99% to Rs 108.9 crore.
PBDT rose 18.48% to Rs 957.17 crore. Provision for depreciation rose 34.94% to Rs 259.11 crore.
Profit before tax grew 13.35% to Rs 698.06 crore. Share of profit/loss was 52.95% higher at Rs -4.71 crore. Provision for tax was expense of Rs 239.77 crore, compared to Rs 204.99 crore. Effective tax rate was 31.49% compared to 33.84%.Minority interest increased 459.17% to Rs 33.83 crore. Net profit attributable to owners of the company increased 23.55% to Rs 487.76 crore.
Promoters’ stake was 46.29% as of 31 December 2023 ,compared to 46.29% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Ipca Laboratories has increased 7.11% to Rs 6244.32 crore. Operating profit margin has declined from 22.46% to 14.84%, leading to 29.21% decline in operating profit to Rs 926.77 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 27.93% to 27.81%. Purchase of finished goods cost rose from 8.06% to 8.09%. Employee cost increased from 19.76% to 20.96%. Other expenses rose from 22.29% to 28.05%. Other income rose 88.70% to Rs 125.62 crore. PBIDT fell 23.51% to Rs 1052.39 crore. Provision for interest rose 492.20% to Rs 45.54 crore. Loan funds rose to Rs 1,481.27 crore as of 31 March 2023 from Rs 807.22 crore as of 31 March 2022. Inventories declined from Rs 1,857.97 crore as of 31 March 2022 to Rs 1,743.37 crore as of 31 March 2023. Sundry debtors were higher at Rs 989.02 crore as of 31 March 2023 compared to Rs 910.78 crore as of 31 March 2022. Cash and bank balance rose to Rs 1,853.24 crore as of 31 March 2023 from Rs 640.66 crore as of 31 March 2022. Investments declined from Rs 989.19 crore as of 31 March 2022 to Rs 625.98 crore as of 31 March 2023.
PBDT fell 26.41% to Rs 1006.85 crore. Provision for depreciation rose 12.54% to Rs 261.56 crore. Fixed assets increased to Rs 2,853.67 crore as of 31 March 2023 from Rs 2,669.78 crore as of 31 March 2022. Intangible assets declined from Rs 38.84 crore to Rs 38.14 crore.
Profit before tax down 34.38% to Rs 745.29 crore. Share of profit/loss was 38.85% higher at Rs -12.94 crore. Provision for tax was expense of Rs 253.36 crore, compared to Rs 224.77 crore. Effective tax rate was 34.60% compared to 20.17%.
Minority interest increased 34.33% to Rs 7.67 crore. Net profit attributable to owners of the company decreased 46.69% to Rs 471.32 crore.
Equity capital stood at Rs 25.37 crore as of 31 March 2023 to Rs 25.37 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 46.29% as of 31 March 2023 ,compared to 46.29% as of 31 March 2022 .
Cash flow from operating activities decreased to Rs 805.81 crore for year ended March 2023 from Rs 856.04 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 494.47 crore, compared to Rs 478.95 crore during the year ended March 2022.
Other Highlights
In Q3 FY24,
Exports went up 1%, Indian formulations rose 11% compared to Q3 FY23.
In Q3 FY24, formulations
revenue increased 10% and API revenue fell 13% on YoY basis.