Concord Biotech (CONCORDBIO) Q4 23/24 earnings summary

Executive summary

• FY24 revenue from operations rose 19% YoY to INR 1,016.9 crore; PAT increased 28% to INR 308.1 crore, with EBITDA margin up 230 bps to 42.8%.

• Growth reflected API expansion and a sharp increase in formulation sales; the portfolio reached 30 fermentation APIs and 98 formulations across 70+ countries.

• Priorities include new API launches, expanding geographic reach, CDMO development and expected injectable-facility commercial production in FY25.

Financial highlights

• Revenue from operations was INR 1,016.9 crore versus INR 853.2 crore in FY23; PAT was INR 308.1 crore versus INR 240.1 crore.

• EBITDA reached INR 434.9 crore versus INR 345.2 crore; gross profit margin was 77.5% versus 78.9%.

• Operating cash generated was INR 265.5 crore; net worth stood at INR 1,526.6 crore at March 31, 2024.

• Consolidated EPS was INR 29.45 versus INR 22.95; revenue included INR 18.9 crore of formulation sales and INR 828.0 crore of API sales.

Outlook and guidance

• Plans call for 3–5 new products over the next 3–5 years, focused on oncology and anti-infectives; the API pipeline exceeds 10 products.

• Injectable-facility commercial production is expected in FY25, subject to regulatory approvals; the facility is intended to extend formulations, forward integration and CDMO offerings.

• The pipeline also includes more than 10 formulation products under development, alongside continued API and formulation R&D investment.