Zydus Lifesciences Q1 Results FY2023, PAT at Rs. 5183 million

On 10th August 2022, Zydus Lifesciences announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- Revenue from operations at Rs. 40,727 million, up 2% over last year. 

- Research & Development (R&D) investments for the quarter stood at Rs. 2,842 million (7.0% of revenues). 

- Reported EBITDA for the quarter was Rs. 8,330 million, down 14% YoY. EBITDA margin for the quarter stood at 20.5%. 

- Reported Net Profit for the quarter was Rs. 5,183 million, down 12% YoY. Adjusted for exceptional items and loss from discontinued operations, Net Profit for the quarter was Rs. 5,295 million, down 11% YoY. 

Business Highlights:

INDIA:

- Registered revenues of Rs. 18,167 million, down 6% YoY. Excluding sales of COVID related products, the business grew 12% YoY

- Formulations business registered revenues of Rs. 11,251 million, down 17% YoY. Excluding sales of COVID related products, generics portfolio and divested products, the branded prescription business grew 9% YoY. The business accounted for 29% of consolidated revenues.

- Consumer Wellness business registered revenues of Rs. 6,916 million, up 18 % YoY. The business accounted for 17% of consolidated revenues.

US FORMULATION BUSINESS:

- Registered revenues of Rs. 15,592 million, up 9% YoY and 10% QoQ. The business accounted for 40% of consolidated revenues. 

- In constant currency terms, the business registered revenues of US$ 202 million. 

- Filed 8 ANDAs and received approval for 7 new products (including 1 tentative approval) during the quarter.

EMERGING MARKETS FORMULATION BUSINESS:

- The business sustained growth momentum and registered revenues of Rs. 3,155 million, up 14% YoY. The business accounted for 8% of consolidated revenues. 

- Growth during the quarter was broad based across most of the geographies.

EUROPE FORMULATION BUSINESS:

- Registered revenues of Rs. 614 million, up 3% YoY. The business accounted for 2% of consolidated revenues.

API BUSINESS:

- Registered revenues of Rs. 1,224 million, down 10% YoY. The business accounted for 3% of consolidated revenues.