Alembic Pharma's Q2 net profit up 35% at Rs 333 cr on strong domestic biz

The company's overall international formulations grew by 21 per cent to stand at Rs 779 crore during the quarter
Vadodara-based Alembic Pharmaceuticals Limited has registered a 35 per cent growth in its consolidated profit after tax (PAT) for the quarter ended September 30, 2020. As against a net profit of Rs 246.27 crore in Q2 of previous fiscal 2019-20, the company posted a PAT of Rs 333.37 crore in the second quarter of current fiscal 2020-21.

The company's consolidated total income rose by 17.65 per cent to stand at Rs 1,460.32 crore in Q2 of FY21 as against Rs 1.241.23 crore in Q2 of FY'20. 

While Alembic Pharma's international formulations business and active pharmaceutical ingredients (API) business did well during the quarter, the US market drew a growth in single digits. "It was a strong quarter for the company led by growth in the domestic business. The International as well as API Business also continued to perform well," said Pranav Amin, Managing Director, Alembic Pharmaceuticals Limited.

The company's overall international formulations grew by 21 per cent to stand at Rs 779 crore during the quarter. However, international formulations business excluding the US grew by as much as 84 per cent to Rs 197 crore in Q2 of FY21. The US formulations business, on the other hand, grew by eight per cent to Rs 582 crore in Q2 of the current fiscal. 

Alembic Pharma received six abbreviated new drug application (ANDA) approvals during the quarter, taking the total to 131, while the company filed seven ANDAs during the quarter, leading to a cumulative ANDA filing tally of 198.

Meanwhile, the company's India formulations business grew by six per cent to Rs 415 crore in the quarter. Its API business, on the other hand, grew by 29 per cent to Rs 263 crore during the second quarter of current fiscal 2020-21. Alembic Pharma filed two drug master files (DMF) during the quarter.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel