Ipca Laboratories (IPCALAB) Q4 23/24 earnings summary

Executive summary

• FY24 net total income rose 6% standalone to Rs 6,277.75 crore and 23% consolidated to Rs 7,829.81 crore; consolidated net profit after exceptional items increased 16% to Rs 547.35 crore.

• Q4 FY24 consolidated net total income grew 33% YoY to Rs 2,051.93 crore, while net profit after exceptional items fell 22% to Rs 59.59 crore.

Financial highlights

• FY24 standalone EBITDA before forex, other income and exceptional items rose 26% to Rs 1,189.54 crore; consolidated EBITDA on the same basis rose 34% to Rs 1,288.21 crore.

• FY24 standalone net profit after exceptional items was Rs 530.41 crore, up 5%; consolidated net profit attributable to owners was Rs 547.35 crore, up 16%.

• Q4 EBITDA before forex, other income and exceptional items increased 70% standalone to Rs 279.46 crore and 78% consolidated to Rs 304.59 crore.

Segment performance

• FY24 formulations revenue grew 11% to Rs 4,872.48 crore; APIs declined 9% to Rs 1,249.30 crore.

• FY24 domestic formulations increased 12% to Rs 3,097.16 crore; export formulations branded revenue rose 4% to Rs 526.70 crore, institutional fell 20% to Rs 266.99 crore, and generics grew 22% to Rs 981.63 crore.

• FY24 API domestic revenue fell 15% to Rs 316.92 crore and API exports declined 7% to Rs 932.38 crore.

• Q4 formulations revenue grew 12% to Rs 1,163.48 crore, while total APIs declined 4% to Rs 334.34 crore.

• FY24 consolidated revenue was Rs 3,614.27 crore from India and Rs 4,090.77 crore from outside India, versus Rs 3,265.45 crore and Rs 2,978.87 crore, respectively, in FY23.