Cadila Healthcare Net Profit Rises 29% To Rs 587 Crore In June Quarter

Cadila Healthcare is primarily involved in the manufacture of generic drugs.

Cadila Healthcare announced its April-June quarter results for the financial year 2021-22, reporting a net profit of Rs 587.2 crore on a consolidated basis, compared to Rs 454 crore in the corresponding quarter last year, marking a growth of 29 per cent year-on-year. The rise in net profit was mostly driven by robust sales in the domestic market, along with the sales of COVID-19 drugs. 

The pharmaceutical company’s total revenue from operations in the first quarter of the current fiscal stood at Rs 4,025.4 crore, compared to Rs 3,514.6 crore in the year-ago period.

The Gujarat-based multinational company is primarily involved in the manufacture of generic drugs. The company – also known as Zydus Cadila is the only Indian firm to have developed a neutralizing monoclonal antibody based cocktail for the treatment of COVID-19, according to a regulatory filing by the company to the stock exchanges.

Cadila Healthcare has applied to the Drugs Controller General of India (DCGI) for an emergency use authorization for ZyCoVD – the world’s first plasmid DNA vaccine for human use after conducting the largest vaccine trial so far in the country.

Cadila Healthcare’s India business, which consists of human formulations and consumer wellness business contributed 50 per cent of consolidated revenues during the April-June quarter. It registered a growth of 43 per cent year-on-year, with sales of Rs 1,943 crore during the quarter under review, according to the statement.

The company’s earnings before interest, depreciation, and tax (EBIDTA) for the June quarter rose 18 per cent year-on-year to Rs 933 crore. The EBIDTA margin stood at 23.2 percent – an improvement of 140 basis points on a sequential or quarter-on-quarter (QoQ) basis.

On Wednesday, August 11, shares of Cadila Healthcare settled 2.54 per cent lower at Rs 563.65 apiece on the BSE.

Source link