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Supriya Lifescience shares slide after China lockdowns hurt earnings

Supriya Lifescience shares slide after China lockdowns hurt earnings

Supriya Lifescience shares slide after China lockdowns hurt earnings
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By CNBCTV18.com Nov 11, 2022 4:53 PM IST (Published)

The company said that it faced major challenges during the quarter due to lockdowns in major Chinese cities due to the Covid-19 outbreaks.

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Shares of Supriya Lifesciences ended 3 percent lower on Friday after lockdowns in China impacted its net profit by 71 percent compared to last year.
Net profit dropped to Rs 16.8 crore from Rs 58.2 crore last year. Revenue for the quarter also declined 25 percent year-on-year.
The company said that it faced major challenges during the quarter due to lockdowns in major Chinese cities due to the Covid-19 outbreaks.
Most of the impact was felt by the company's anti-histamine therapy, sales of which declined to just Rs 2 crore from Rs 52 crore in the same period last year.
However, when compared to the June quarter, the company's revenue increased 11 percent while EBITDA increased 65 percent.
On a sequential basis, EBITDA margin expanded 15 percentage points to 46 percent from 31 percent. Compare that to the same period last year, it is lower than the 64 percent margin figure.
The company called the quarter a temporary setback and expressed confidence that it will be able to regain the lost opportunity during the upcoming quarters.
The management also mentioned that work for the new warehouse capacities and R&D facilities is progressing well. The projects in Lote and Ambernath are likely to be fully operational in the April-June period of financial year 2024.
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