Zydus Life Q3 PAT rises 24% YoY to Rs 623 cr

Zydus Lifesciences' consolidated net profit jumped 24.48% to Rs 622.9 crore on a 19.85% increase in total revenue from operations to Rs 4,362.3 crore in Q3 FY23 over Q3 FY22.

EBITDA grew by 27.2% to Rs 956 crore in Q3 FY23 from Rs 751.6 crore in Q3 FY22. EBITDA margin improved to 21.9% in Q3 FY23 as against 20.6% in Q3 FY22.

Profit before tax in Q3 FY23 stood at Rs 780.1 crore, up by 29.1% from Rs 604.2 crore in Q3 FY22.

Total expenses rose by 16.94% to Rs 3,620.7 crore in the quarter ended 31 December 2022. Cost of raw material consumed stood at Rs 934.5 crore (up 3.87% YoY) and employee expenses stood at Rs 689 crore (up 16.54% YoY) in Q3 FY23.

Research & Development (R&D) investments for the quarter stood at Rs 343.5 crore (7.9% of revenues). Capex (organic) for the quarter was Rs 255.4 crore.

The pharma company filed 9 abbreviated new drug applications (ANDA) and received approval for 14 new products (including 3 tentative approvals) during the quarter. As on 31 December 2022, the drug maker's 99 ANDA's are pending for approval with the USFDA.

Dr. Sharvil Patel, managing director of Zydus Lifesciences said, We are pleased with our Q3 FY23 performance showcasing robust growth across key businesses and improved profitability. With India Formulations in a double-digit growth trajectory and US business continuing to build traction, portfolio execution will sustain growth momentum. We aim to enhance profitability steadily going ahead while remaining committed to build long term growth levers. Our commitment to maintaining high quality standards and an agile supply chain positions us well to capitalize on our R&D pipeline and advance our innovation efforts.

Zydus Lifesciences is a discovery-driven, global lifesciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies.

The scrip declined 0.73% to currently trade at Rs 429.45 on the BSE.

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