Zydus Lifesciences Ltd.'s third-quarter profit beat analysts' estimates.
The company's third-quarter net profit rose 24% year-on-year to Rs 623 crore, according to an exchange filing by the Ahmedabad-based drugmaker. That compares with the Rs 564 crore consensus estimate of analysts tracked by Bloomberg.
Sequentially, the profits were up 19%.
Zydus Lifesciences Q3 FY23 Highlights (YoY)
Revenue is up 20% at Rs 4,362 crore, against an estimate of Rs 4,151 crore.
Ebitda was up 27% at Rs 956 crore, against an estimate of Rs 867 crore.
The margin stood at 21.9%, compared to an estimate of 20.9%.
Other Highlights (YoY)
India contributed 40% of the total revenue for the quarter. Total India's revenue grew by 13%.
Revenue from India's formulation business rose 14%, including Covid, while that from the consumer wellness segment rose 8%.
Revenue from North American formulation sales rose by 29%, contributing to 46% of total sales. The company filed nine ANDAs and received approval for 14 new products, including three tentative approvals, during the quarter. It also launched six new products.
Emerging markets formulation sales, which make up 7% of the revenue for the quarter, rose 15%.
Europe's formulations revenue rose 4%. This makes up 2% of the revenue for the quarter.
Sales of active pharmaceutical ingredients were up 14%. This contributes to 4% of the revenue.
Research and development investments for the quarter stood at Rs 344 crore, which was 7.9% of the revenue.
The Q3 FY23 performance showcased robust growth across key businesses and improved profitability, said Sharvil Patel, managing director at Zydus Lifesciences, said in the exchange filing that.
"With India formulations on a double-digit growth trajectory and US businesses continuing to build traction, portfolio execution will sustain growth momentum."
He said that their commitment to maintaining high quality standards and an agile supply chain positions them well to capitalize on their R&D pipeline and advance their innovation efforts.
After the results were announced, shares of Zydus Lifesciences went down by 0.46%, while the benchmark S&P BSE Sensex went up by 0.76% at 12:54 p.m.
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