Concord Biotech (CONCORDBIO) Q4 20/21 earnings summary

Executive summary

• FY21 revenue from operations rose to Rs. 61,640.44 lakh from Rs. 51,232.98 lakh; standalone profit for the year increased to Rs. 23,533.48 lakh from Rs. 16,896.35 lakh.

• Sales reached Rs. 60,351.45 lakh, up 21.14% YoY; the first phase of the expanded API facility was completed and capitalized in March 2021.

Financial highlights

• Total income was Rs. 63,050.90 lakh vs Rs. 54,369.65 lakh; profit before tax was Rs. 31,316.81 lakh vs Rs. 21,348.96 lakh.

• Standalone profit for the year was Rs. 23,533.48 lakh vs Rs. 16,896.35 lakh; total comprehensive income was Rs. 23,529.27 lakh vs Rs. 16,864.53 lakh.

• Other income declined to Rs. 1,410.46 lakh from Rs. 3,136.67 lakh, including lower net gains on investment sales and fair-value movements.

• Operating cash flow was Rs. 16,681.28 lakh vs Rs. 15,480.69 lakh; investing cash outflow was Rs. 19,544.29 lakh, largely reflecting asset purchases and deposit movements.

Outlook and guidance

• The newly expanded API facility was expected to contribute to sales in FY22, with added capacity intended to meet increased API demand and broaden the product portfolio.

• Formulation business showed stable growth through international product registrations and deeper domestic penetration, despite domestic market impacts from COVID-19.