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Zydus Lifesciences net profit declines 11.7%, but MD says encouraged by stable performance

Zydus Lifesciences net profit declines 11.7%, but MD says encouraged by stable performance

Zydus Lifesciences net profit declines 11.7%, but MD says encouraged by stable performance
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By CNBCTV18.com Aug 10, 2022 7:43:08 PM IST (Published)

Zydus Lifesciences reported a 10.7 percent decline in its earnings before interest, taxes, depreciation, and amortization (EBITDA) at Rs 833 crore, compared to the same period last year.

Zydus Lifesciences on Wednesday reported a 11.7 decline in its consolidated net profit in the April to June quarter of this fiscal year, on account of lower domestic sales.

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However, the company's net profit of Rs 518.3 crore was 4.8 percent higher than the Street estimate of Rs 494.6 crore.
It also reported a 1.2 percent rise in income at Rs 4,072.7 crore from last year's Rs 4,025.4 crore. The company's revenue was also very close to the CNBC-TV18 poll prediction of Rs 4,048 crore.
"We are encouraged by our stable Q1 FY23 performance, particularly with the rebound in US business even as consumer wellness and emerging markets sustained growth momentum," Sharvil Patel, the Zydus Lifesciences Managing Director, said.
India branded formulations business, adjusting for COVID impact delivered healthy growth, he added.
However, the company reported a 10.7 percent decline in its earnings before interest, taxes, depreciation, and amortization (EBITDA) at Rs 833 crore, compared to the same period last year. It was also 2.4 percent lower than Street estimate.
The company reported a 20.4 percent EBITDA margin, 70 bps lower than the Street estimate and 280 bps lower than last year's 23.2 percent.
With PTI inputs
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