Alivus Life Sciences (ALVUS) Q4 23/24 earnings summary

Executive summary

• FY24 revenue from operations rose 5.6% YoY to INR 22,832 million; EBITDA increased 2.2% to INR 6,863 million and PAT edged up 0.8% to INR 4,709 million.

• Growth was led by regulated markets, with improving demand signals and a healthy FY25 outlook; ownership changed as Nirma acquired a 75% stake in March 2024.

Financial highlights

• Revenue from operations was INR 22,832.14 million, up 5.6% YoY; product sales rose 6.7% to INR 21,847.70 million, while other operating revenue fell 13.2% to INR 984.44 million.

• Gross profit rose 11.7% to INR 12,812 million; gross margin expanded 300 bps to 56.1% from 53.1%, mainly on product mix and lower raw-material prices.

• EBITDA was INR 6,863 million, up 2.2% YoY; EBITDA margin was 30.1%. PAT was INR 4,708.88 million, up 0.8%, and basic EPS was INR 38.43.

• Net cash from operating activities increased to INR 4,135.15 million from INR 3,060.06 million; cash and cash equivalents were INR 3,014.14 million at year-end.

• Employee benefit expense rose 43.3% to INR 2,581.56 million, reflecting a one-time senior-management performance bonus, annual increments and higher headcount.

Outlook and guidance

• FY25 outlook is positive, with healthy demand expected across major segments; regulated-market demand and Japan recovery showed improvement, while CDMO projects continued to build.

• Completed Ankleshwar 208 KL capacity and Dahej 18 KL capacity are scheduled to become operational in Q2 FY25; brownfield additions at both sites support output growth.

• Solapur greenfield project began construction with 200 KL in Phase 1; total planned capacity is 600 KL by FY26, supporting CDMO, generic APIs and backward integration.

• Plans include doubling investments over the next 2–3 years, developing a new R&D centre, and advancing flow chemistry, automation, complex APIs, oncology and iron-compound platforms.