Concord Biotech (CONCORDBIO) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue grew 11% year-on-year to ₹215.8 crore, with EBITDA up 13% and PAT up 9%.

• Formulation segment revenue surged 43% year-on-year, while API segment grew 5%.

• Domestic revenue rose 22%, exports declined 3% in Q1 FY25.

• Board approved unaudited financial results for Q1 FY25, with auditors expressing no material misstatements.

• Management remains optimistic, focusing on market penetration, new product launches, and R&D.

Financial highlights

• Q1 FY25 revenue: ₹215.8 crore vs ₹194.8 crore in Q1 FY24 (11% growth).

• API revenue: ₹171.05 crore (5% growth); Formulation revenue: ₹44.75 crore (43% growth).

• EBITDA: ₹81.28 crore (13% growth); EBITDA margin: 38% (up 63 bps year-on-year).

• PAT: ₹59.6 crore (9% growth); EPS for Q1 FY25 was ₹5.70, up from ₹5.21 in Q1 FY24.

• FY24 revenue was ₹1,016.9 crore, up 19% year-on-year; PAT for FY24 was ₹308.1 crore, up 28%.

Outlook and guidance

• Long-term revenue CAGR guidance of 25% over five years, driven by new product launches and capacity expansion.

• Commercialization of new injectable facility expected by Q4 FY25 to enhance capabilities.

• Focus on expanding in developed and emerging markets, with 8-10 new products planned in 3-4 years.

• Exploring CDMO business opportunities and continued R&D investment in oncology, anti-infectives, and antibacterials.