Concord Biotech (CONCORDBIO) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue grew 1% year-over-year to ₹244.2 crores, with nine-month FY25 revenue up 10% to ₹770.2 crores; EBITDA for Q3 FY25 was ₹98 crores and PAT was ₹75.9 crores, reflecting stable performance despite muted quarterly growth due to customer procurement patterns and annual tender cycles.

• Nine-month FY25 revenue growth was driven by a 3% rise in API and 42% growth in formulation revenues.

• Management maintains a positive outlook, targeting a 25% CAGR over the next five years, supported by a strong order book, ongoing customer additions, and global CDMO/CMO opportunities.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were approved and reviewed by the Board and Audit Committee on February 13, 2025.

• Statutory auditors issued limited review reports with unmodified opinions for both standalone and consolidated results.

Financial highlights

• Q3 FY25 revenue: ₹244.2 crores (+1% YoY); EBITDA: ₹98 crores (margin 40.1%); PAT: ₹75.9 crores (margin 31.1%).

• Nine-month FY25 revenue: ₹770.2 crores (+10% YoY); EBITDA: ₹315.9 crores (+6% YoY, margin 41%); PAT: ₹231.3 crores (+9% YoY, margin 30%).

• Standalone and consolidated revenue from operations for Q3 FY25 was ₹24,422.02 lakhs; consolidated profit after tax for Q3 FY25 was ₹7,592.11 lakhs.

• Gross profit margin for Q3 FY25 was 78.5%, down 190 bps year-over-year.

• Zero-debt status with cash and equivalents of ₹250 crores as of December 31, 2025.

Outlook and guidance

• Long-term guidance of 25% CAGR growth over five years is reiterated, with growth expected from new product launches, customer additions, and market share gains.

• Q4 FY25 is expected to be stronger due to order phasing and tender cycles; annualized assessment is recommended due to quarterly lumpiness.

• Margin guidance remains at 40%-43% EBITDA, with potential for higher margins as new facilities ramp up.

• Exploring CDMO/CMO opportunities globally to accelerate growth.