Cadila Healthcare Q1 Profit Jumps Three-Fold to ₹460 Crore

Drugmaker Cadila Healthcare reported a three-fold jump year-on-year (Y-o-Y) in net profit to Rs 460.5 crore in the first quarter ended June due to higher sales in the US and India. In the same quarter last year the profit was Rs 138.4 crore. Total revenues in the June quarter declined 5 percent YoY to 2,893.7 crore compared to Rs 3032 crore of last year. The earnings before interest, depreciation, and tax (EBITDA) was up by 133 percent to Rs 645 crores. Other income was Rs 101.13 crore in Q1. A Reuters poll expected a net profit of Rs 447.8 crore on revenues of Rs 3031.1 crore. Sales from the US business were up 27 percent Y-o-Y at Rs 1230 crores. During the quarter, the company launched 9 new products in the US.

The company said it filed 3 additional abbreviated new drug application (ANDAs) with the USFDA and received 13 ANDA approvals, during the quarter. The India formulations business posted sales of Rs 893 crore, up by 40 percent. The growth in India in Q1 was also due to the low base of last year when the sales were disrupted due to GST rollout. The company launched 19 new products including line extensions in India during the quarter with 4 first in India launches. The company’s business in the emerging markets of Asia, Africa, and Latin America grew 13 percent and posted sales of Rs 196 crore. – Money Control