Alembic Pharma –
Q1 FY 25 results and concall highlights –
Revenues – 1562 vs 1486 cr, up 5 pc
EBITDA – 237 vs 199 cr, up 14 pc (margins @ 15 vs 13 pc)
PAT – 135 vs 121 pc, up 12 pc
R&D expenses @ 114 cr
Gross borrowings – 589 cr
Cash on books – 147 cr
Segment Wise revenues –
India branded – 572 cr, up 9 pc ( 37 pc of sales )
US generics – 461 cr, up 18 pc ( 29 pc of sales )
RoW formulations – 271 cr, up 2 pc ( 17 pc of sales )
APIs – 259 cr, down 15 pc ( 17 pc of sales )
Breakdown of India business –
Acute – 23 pc
Veterinary – 17 pc
Chronic and Semi Chronic – 60 pc
Launched 02 products in US mkts in FY 25. Aim to launch 10 more products in Q2. Cumulatively now have 149 products in US
Have started sales operations in Chile and UAE. RoW growth to be driven by expansion into new territories and new launches
Filed 01 DMF in US in Q1. Cumulatively, have filed 133 DMFs in US. Slowdown in API business was due to lower off take by a particular client – is transitional in nature. Future capex is on track. Supplying APIs to 60 + countries, globally
Animal healthcare business grew by 23 pc in Q1
Guiding for a 10 – 15 pc growth in the US business for full FY 25
Expect RoW business to pick up in H2. In H1, company is facing supply bottlenecks. Should take 1-2 Qtrs to resolve them
As the capacity utilisation of newer facilities improves, company expects their EBITDA margins to reach the 18-20 pc band in 2-3 yrs. Also for FY 25, company expects to improve their margins vs FY 24
Expecting strong growth to continue in the Animal health business IE > 25 pc for FY 25 as well
Company witnessed double digit price erosion in the US business in Q1
India sales force @ 5500. Yield / month @ 3.8 lakh / sales person
Aim to keep the Gross Margins in the 70-74 pc band
Disc : not SEBI registered, not a buy/sell recommendation
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