February 10, 2024
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Zydus Lifesciences posts 26.8% rise in Q3 net profit
Pharma major, Zydus Lifesciences Limited on Friday posted a 26% growth in its consolidated net profit which settled at Rs 789.6 crore during the third quarter of the financial year 2023-24. The pharma major’s profit settled at Rs 622.9 crore in the year-ago period.
Zydus posted Rs 4,505.2 crore worth of revenue from operations, which grew 5.8% against the year-ago period. The company’s board approved buyback of 57.9 lakh shares worth Rs 600 crore at Rs 1,005 per share via tender offer route. The company’s revenue growth was led by India and EU formulations businesses in addition to that in the emerging markets.
“We are optimistic about our growth prospects driven by a differentiated portfolio in the US, continued performance of key brands, well supported by a robust execution engine,” said Dr Sharvil Patel, MD, Zydus Lifesciences.
“India formulations business delivered strong double digit growth on the back of healthy volume growth and new product launches. The company reported capex (organic) for the quarter of Rs 213.7 crore. The company spent Rs 314.6 crore on R&D which was 7 percent of revenues in the October-December quarter,” Zydus said in its stock exchange filing.
Zydus’ Active Pharmaceutical Ingredients (API) business reported revenues worth Rs 143.1 crore during the quarter, down 24% against the year-ago period.
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