Innova Captab's consolidated net profit increased 28.33% to Rs 25.13 crore in Q3 FY24 as against Rs 19.58 crore posted in Q3 FY23.
Revenue from operations stood at Rs 302.49 crore in the December 2023 quarter, registering a growth of 24.99% YoY.Profit before tax in Q3 FY24 was at Rs 35.20 crore, up 24.63% from Rs 28.25 crore recorded in the corresponding quarter previous year.
For Q3 FY24, EBITDA grew 27.1% YoY to Rs 46.9 crore as against Rs 36.9 crore recorded in same quarter last year. EBITDA margin improved to 15.5% in Q3 FY24 as compared to 15.3% in corresponding quarter previous fiscal.
Total expenses spiked 24.55% to Rs 269.62 crore in Q3 FY24 over Q3 FY23. Cost of material consumed stood at Rs 190.94 crore (up 16.74%YoY), finance cost was at Rs 6.80 crore (up 14.72%YoY) and employee benefit expenses stood at Rs 25.63 crore (up 87.23%YoY).
On nine-month basis, the company recorded 29.43% YoY increase in consolidated net profit to Rs 65.62 crore on 19.44% in revenue from operations to Rs 818.67 crore in 9M FY24 over 9M FY23.
Vinay Lohariwala, managing director, said, We are delighted to report a healthy performance for the Q3 & 9M FY24 mainly driven by better product mix. This was primarily driven by the consolidation of Sharon Bio Medicine from Q2 FY24 onwards and growth in existing business.
With the acquisition of Sharon Bio Medicine, we have inched one step forward and increased our presence in the pharmaceutical value chain plus expanded our footprint in the regulated export markets. With this acquisition, we now have additional 2 facilities and presence in APIs, CRO & formulations. Over the years, we believe that our strong focus on R&D has enabled us to develop complex products and build to strong association with esteemed pharmaceutical clients.
We are constructing a new greenfield site in Jammu which will help us to expand our product portfolio. Also, we are planning to set up a new R&D center in Panchkula, Haryana which will focus on the development of generic and complex generic products. With increasing customer base and growing our product basket, we are confident to build long term sustainable growth.
Innova Captab is an integrated pharmaceutical company in India, with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports. The company has three businesses: CDMO (contract development and manufacturing organization) services and products, domestic branded generics, and international branded generic.
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