Zydus Lifesciences Q4 Results: Profit Rises Nearly 4 Times, Beats Estimates
The company posted a net profit of Rs 1,182 crore in the quarter-ended March, in comparison with Rs 297 crore in the year-ago period.
Zydus Lifesciences Ltd.'s consolidated net profit increased 3.9 times in the fourth quarter of fiscal 2024, and surpassed analysts' estimates.
The company posted a net profit of Rs 1,182 crore in the quarter-ended March, in comparison with Rs 297 crore in the year-ago period, according to an exchange filing on Friday. Analysts tracked by Bloomberg had estimated a profit of Rs 1,034.30 crore.
Zydus Lifesciences Q4 FY24 Highlights (Consolidated, YoY)
Revenue up 10.4% to Rs 5,534 crore versus Rs 5,011 crore (Bloomberg Estimate: Rs 5,380.24 crore).
Ebitda up 23.7% to Rs 1,625 crore versus Rs 1,314 crore (Bloomberg Estimate: Rs 1,550.77 crore).
Margin at 29.4% versus 26.2% (Bloomberg Estimate: 28.80%).
Net profit up 3.9 times to Rs 1,182 crore versus Rs 297 crore (Bloomberg Estimate: Rs 1,034.30 crore).
India Geography
Comprises formulations as well as consumer wellness businesses and accounted for 40% of consolidated revenue.
Registered revenue of Rs 2,156.1 crore, up 8% YoY.
On a full-year basis, it reported revenue of Rs 7,670.7 crore, up 7%.
Formulations Business
Registered revenue of Rs 1,380.6 crore, up 7% YoY.
The business accounted for 26% of consolidated revenue.
Branded formulations business grew faster than the market, with a growth of 8% YoY.
Portfolio of key pillar brands and innovation products were the key growth drivers.
Share of chronic portfolio has increased consistently over the years and stood at 41.2% for the year, which is an improvement of 360 bps over the last three years (Source: IQVIA MAT March 2024 data).
On a full-year basis, it reported revenue of Rs 5,369 crore, up 9%.
Consumer Wellness Business
Registered revenue of Rs 775.5 crore, up 10% YoY.
Consumer wellness business accounted for 14% of consolidated revenue.
Personal care segment, which comprises Nycil and EverYuth brands, registered yet another quarter of strong growth.
Performance of food and nutrition segment improved with mid-single digit growth during the quarter.
On a full-year basis, it reported revenue of Rs 2,301.7 crore, up 3%.
API Business
Registered revenue of Rs 1,43.6 crore, up 15% YoY.
The business accounted for 3% of consolidated revenue.
On a full-year basis, it reported revenue of Rs 565.8 crore, up 3%.
US Formulations Business
Registered revenue of Rs 2,523.5 crore, up 12% YoY and 37% QoQ.
The business accounted for 47% of consolidated revenue.
Launched five new products during the quarter.
Received approval for 12 abbreviated new drug applications (inclusive of four tentative approvals) during the quarter.
On a full-year basis, it reported revenue of Rs 8,685.1 crore, up 17%.
"We are happy to close the year on a strong note, driven by robust performance across our businesses. Our relentless focus on patient centricity, operational efficiency, strategic investments, and execution of our diversified product portfolio continues to pay off, resulting in a significant improvement in profitability as well," said Dr Sharvil Patel, managing director of Zydus Lifesciences.
"We aspire to sustain strong performance in fiscal year 2025, with strong revenue growth and strive to improve Ebitda margin further from FY24 levels. This strong performance is a testament to our commitment to creating long-term value for our stakeholders, and we are well-positioned for future growth and innovation," he added.
Shares of Zydus Lifesciences closed 3.87% higher at Rs 1,048 apiece on the NSE , as compared with a 0.28% advance in the benchmark Nifty 50.
