Alembic Pharmaceuticals (APLLTD) Q4 20/21 earnings summary

Executive summary

• FY21 consolidated revenue rose 17% to ₹5,393 Cr; EBITDA increased 35% to ₹1,631 Cr, PAT rose 42% to ₹1,178 Cr and EPS was ₹60.81.

• Growth spanned all divisions, led by international formulations outside the US and APIs; pandemic-related disruption was managed while capacity and R&D investments continued.

Financial highlights

• Consolidated revenue was ₹5,393.13 Cr versus ₹4,605.75 Cr; PBT was ₹1,368.08 Cr versus ₹999.82 Cr, and PAT was ₹1,178.11 Cr versus ₹828.82 Cr.

• EBITDA reached ₹1,631 Cr, up 35% YoY, at 30% of sales; EPS was ₹60.81 versus ₹43.97 on expanded weighted-average share capital.

• Consolidated operating cash flow was ₹1,463.38 Cr; cash and cash equivalents closed at ₹98.06 Cr versus ₹71.84 Cr.

Outlook and guidance

• US sales expected to remain subdued near term amid Sartan pricing pressure and fewer market supply disruptions; 10–15 US launches planned for FY22, mainly OSD, dermatology and ophthalmic products.

• Domestic formulations expected to deliver decent growth in FY22, with a steady run rate anticipated; management targeted industry-level growth of ~11% within two years.

• Expanded capacity expected to support growth over the next 3–4 years; major investments were expected to begin yielding benefits from FY23, with cash generation and return ratios improving from FY22.

• R&D pipeline exceeded 200 products, with 25–30 new filings targeted annually; injectables and complex generics expected to start contributing from FY22.