Zydus Lifesciences Q4 results: Net profit falls 25% YoY to ₹296.6 crore; declares dividend of ₹6
The company’s board of directors also recommended a final dividend of ₹6 per equity share of Re 1 each, subject to approval of the shareholders. The record date for dividend has been fixed at July 28, 2023.
PremiumZydus Lifesciences’s net profit for the fiscal fourth quarter ended March 2023 dropped 25.4% to ₹296.6 crore from ₹397.4 crore in the corresponding quarter of last fiscal.
The sharp decline in profit was largely due to a one-time loss of ₹601.3 crore, which includes impairment of goodwill relating to Sentynl Therapeutics and expenses incurred in connection with cessation of operations at one of the facilities of Zydus Wellness Ltd, the company said.
The company’s consolidated revenue from operations in Q4FY23 increased 29.7% to ₹5,010.6 crore from ₹3,805.6 crore, YoY.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 75.1% to ₹1,257 crore from ₹718 crore, while EBITDA margin expanded by 640 bps to 25% from 18.6%, YoY.
Zydus Lifesciences’s US formulations business registered revenues of ₹2,252.5 crore, up 58% YoY and 17% QoQ. The business accounted for 46% of consolidated revenues. In constant currency terms, the business registered revenues of $275 million.
Growth during the quarter was driven by volume expansion in existing products and new launches, the company said.
“We are well poised to maintain growth momentum, with India geography likely to hold double-digit growth, the US business continuing to leverage our robust product pipeline and agile supply chain and scale-up of our emerging market business," said Sharvil Patel, Managing Director, Zydus Lifesciences.
The company’s board of directors also recommended a final dividend of ₹6 per equity share of Re 1 each, subject to approval of the shareholders. The record date for dividend has been fixed at July 28, 2023.
At 1:50 pm, the shares of Zydus Lifesciences were trading 0.62% lower at ₹515.90 apiece on the BSE.
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