Zydus Lifesciences Limited Reports Strong Operating Performance in Q1FY24

Zydus Lifesciences Limited (including its subsidiaries/ affiliates hereafter referred to as “Zydus”) announced its Q1FY24 results today. Zydus posts Q1FY24 revenues of Rs 5140 crores, a growth of 30% on a YoY basis. Profit After Tax of Rs 1087 crores was more than double of last year’s base and grew by 110%. EBITDA saw a significant jump of 81% YoY at Rs1505 crores, with EBITDA margins of 29.3% vs 21% in corresponding previous quarter.
 
Revenue growth was led by significant growth in US business, which grew by 57% YoY at Rs 2454 crores. India branded formulations grew by almost 12%, excluding impact of NLEM related price cut affecting some key products. Emerging Markets and Europe business grew by robust 30% YoY. Healthy growth across key businesses along with significant margin improvement resulted in significant growth in profitability for the company.
 
Commenting on the results, Dr. Sharvil Patel, Managing Director, Zydus Lifesciences Limited, “We are delighted to deliver strong performance during the quarter with broad based operational growth in our key businesses and a favourable product mix enhancing our profitability. Strong execution and volume offtake drove revenue ramp-up in the US, while the India branded formulations business, adjusting for NLEM impact delivered solid 12% growth. We remain reassured on achieving profitable growth aspirations for the fiscal year and thereby enhance stakeholder value. Our persistent commitment to maintaining high quality standards and pursuing innovation will boost our sustainable growth prospects.”