Moneycontrol PRO
Upcoming Webinar:Moneycontrol Pro in association with Quants League Sep'21 Edition brings to you to 5-Days Live Algorithmic Options Trading Virtual Conference. Register Now!

Alembic Pharmaceuticals net profit drops 45% in Q1FY22 due to pricing pressure in US market

Revenues from operations dropped 1 percent YoY to Rs 1,326 crore in Q1FY22 compared to Rs 1,341 crore in the corresponding period of the previous fiscal.

July 26, 2021 / 05:40 PM IST
India business helped by COVID-19 and lower base of last year rose 57 percent to Rs 481 crore.

India business helped by COVID-19 and lower base of last year rose 57 percent to Rs 481 crore.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Alembic Pharmaceuticals net profit dropped 45 percent year-on-year (YoY) to Rs 165 crore in Q1FY22 due to price erosion in US market.

The net profit in Q1FY21 stood at Rs 301 crore. Revenues from operations dropped 1 percent YoY to Rs 1,326 crore in Q1FY22 compared to Rs 1,341 crore in the corresponding period of the previous fiscal.

The research and development (R&D) expenses stood at Rs 167 crore in Q1FY22 or 13 percent of sales.

The earnings before interest, tax, depreciation and ammortisation (EBITDA) margins dropped to 19 percent in Q1FY22 from 31 percent in Q1FY21.

The US formulation business dropped 38 percent YoY to Rs 369 crore in Q1FY22. The company in US has received seven abbreviated new drug approvals (ANDA) during the first quarter. The cumulative ANDA approvals now stand at 146 including 18 tentative. The company said it plans to launch four products in Q2FY22.

Close

India business helped by COVID-19 and lower base of last year rose 57 percent to Rs 481 crore.

The ex-US international formulation business rose 13 percent YoY to Rs 197 crore. The active pharmaceutical ingredient (API) business rose 6 percent YoY to Rs 279 crore in Q1FY22.

“The India business grew exceptionally well and outpaced the Industry, we hope to see this momentum continuing due to the initiatives undertaken recently," said Pranav Amin, Managing Director of Alembic Pharmaceuticals.

"The US business faced price erosion due to increased competition. However, our long term view of the US market remains intact,” Amin said.

Alembic in Q1FY22 benefitted from supply shortages of anti-hypertension drug sartans, which other competitors had to pullout due to impurity issues.
Viswanath Pilla is a business journalist with 14 years of reporting experience. Based in Mumbai, Pilla covers pharma, healthcare and infrastructure sectors for Moneycontrol.
first published: Jul 26, 2021 05:16 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark