Mumbai-based drug-maker Ipca Laboratories Ltd reported strong 67 per cent growth in net profit for the quarter ended June 30, 2013, on the back of almost 26 per cent rise in top line and supported by lower finance cost and other income.
The company reported slightly lower EBITDA margin of 21.23 per cent as against 22.24 per cent in the year-ago period. EBITDA stood at Rs 171.02 crore for the first quarter. However, the company made it up with lower interest outgo and higher other income, which boosted net profit to Rs 71.77 crore on total revenue of Rs 810 crore.
Net sales rose 25.8 per cent to Rs 792.58 crore on the back of robust growth in exports from formulations business. Total revenue from formulations rose 29 per cent to 580.3 crore, buoyed by 47 per cent growth in exports to Rs 330 crore. Domestic formulations revenue increased 12 per cent to Rs 250.36 crore during the quarter.
Ipca’s revenue from active pharmaceutical ingredients (API) increased 17 per cent to Rs 212.2 crore in Q1 FY14. Revenue from domestic API business stood at Rs 45.63 crore, up 16 per cent, while API exports grew 17 per cent to Rs 166.5 crore.
Total exports of the company rose 35 per cent to Rs 496.5 crore for the quarter.
Ipca counts among its shareholders private equity firms ChrysCapital and SAIF Partners. SAIF Partners invested in the company in late 2011 and is currently sitting on over 2.5x unrealised gains on its investment while ChrysCap, a more recent investor, has seen the value of its investment rise over 50 per cent in less than a year, as per VCCircle estimates.
(Edited by Sanghamitra Mandal)
