Cohance Lifesciences (COHANCE) Q4 20/21 earnings summary

Executive summary

• FY21 revenue from operations rose 20% to ₹1,02,395.55 lakh, crossing ₹1,000 crore for the first time; growth continued despite pandemic disruptions.

• Consolidated net profit increased 14.3% to ₹36,234.18 lakh; CDMO was the primary growth engine, while a ₹600 crore, 2–3-year modernization program was approved.

Financial highlights

• Consolidated revenue from operations was ₹1,00,971.85 lakh versus ₹83,378.97 lakh in FY20; total income was ₹1,02,395.55 lakh.

• Consolidated EBITDA was ₹50,889 lakh versus ₹44,829 lakh; EBITDA margin was 49.70% versus 52.62% in FY20 amid higher input and logistics costs.

• Consolidated net profit was ₹36,234.18 lakh versus ₹31,700.17 lakh; EPS was ₹14.23 versus ₹12.45.

• Standalone PAT was ₹30,864.69 lakh and EPS ₹12.12; consolidated PAT included ₹5,373.60 lakh share of associate profit.

Outlook and guidance

• FY22 revenue growth guidance was 10–15% on the expanded topline, subject to the timing and intensity of further COVID waves; profitability was expected to be sustained.

• Pharma CRAMS was expected to remain the key growth driver as global innovators intensify research; specialty chemicals were expected to remain near FY21 levels, with another outlook citing 5% growth.

• Six ANDAs were pending approval, with approval expected in FY22; a further six filings were planned for FY22.

• No return estimate was set for the ₹600 crore investment; management framed it as necessary to sustain capabilities and meet customer, regulatory and technology needs.