Innova Captab (INNOVACAP) Q3 23/24 earnings summary

Executive summary

• Q3 FY24 consolidated revenue was ₹302.485 crore, up 25.0% YoY; EBITDA was ₹46.9 crore and PAT ₹25.126 crore.

• Nine-month revenue reached ₹818.671 crore, up 19.4% YoY; EBITDA was ₹123.2 crore and PAT ₹65.624 crore.

• Growth reflected improved product mix, existing-business growth and Sharon Bio-Medicine consolidation from 1 July 2023.

Financial highlights

• Q3 FY24 revenue from operations was ₹302.485 crore versus ₹242.006 crore YoY; EBITDA was ₹46.9 crore, up 27.1%, and PAT was ₹25.126 crore, up 28.3%.

• Nine-month revenue was ₹818.671 crore versus ₹685.435 crore; EBITDA was ₹123.2 crore, up 31.8%, and PAT was ₹65.624 crore, up 29.4%.

• Q3 EBITDA margin was 15.5%; nine-month margin was 15.0%, versus 13.6% in the prior-year period.

• Consolidated EPS was ₹4.39 for Q3 FY24 and ₹11.47 for nine months, versus ₹4.08 and ₹10.56 respectively.

Outlook and guidance

• Jammu greenfield plant operations were expected to commence in H1 FY25; management cited a 2–4-year ramp-up and targeted optimum utilization within 3–4 years.

• Jammu peak revenue potential was estimated at ₹1,800 crore; FY26 initial utilization was estimated at 15%–20%.

• Domestic branded generics, regulated-market exports and Sharon’s formulation, API and CRO businesses were growth priorities.

• A Panchkula R&D centre was planned; 72 generic products were under development, with ~30 targeted for commercialization in FY24.