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Ipca Laboratories net jumps up by 58% in Q3

Our Bureau, Mumbai | Tuesday, January 28, 2014, 14:40 Hrs [IST]

Ipca Laboratories, a Rs. 2,750 crore plus Mumbai based pharma major, has posted strong growth in operating as well as net profits during the third quarter ended December 2013. Its net profit improved by 58.3 per cent to Rs. 139 crore from Rs. 88 crore in the corresponding period of last year. Its EBDITA also increased by 37.2 per cent to Rs. 223 crore from Rs. 162 crore. The company's net sales increased by 17.7 per cent to Rs. 815 crore from Rs. 692 crore. EPS improved to Rs. 11.07 for the quarter from Rs. 6.97 in the last period.

With strong financial performance, Ipca scrip touched to its yearly high level at Rs. 802 today and the same was moving above Rs. 780 in the afternoon session, a growth of 2.4 per cent on previous close.

The company's export income went up by 19 per cent to Rs. 527 crore from Rs. 442 crore in the similar period of last year. The formulation sales in India improved by 16 per cent to Rs. 246.33 crore from Rs. 212.73 crore and its formulation exports increased by 20 per cent to Rs. 381.80 crore from Rs. 317.46 crore. Total API sales increased by 15 per cent to Rs. 187 crore, of which domestic API sales amounted to Rs. 41.89 crore. During the quarter, Ipca acquired 50 per cent shareholding in Avik Pharmaceuticals.

For the nine months ended December 2013, Ipca's net sales increased by 17.4 per cent to Rs. 2,442 crore from Rs. 2,086 crore in the same period of last year. Its net profit went up by 33 per cent to Rs. 340 crore from Rs. 256 crore with EPS of Rs. 26.97 as against Rs. 20.29. Its export income increased by 21 per cent to Rs. 1,541 crore from Rs. 1,273 crore. The total sales of formulations surged by 17 per cent to Rs. 1,847 crore from Rs. 1,581 crore and that of APIs' moved up by 19 per cent to Rs. 595 crore from Rs. 499 crore. Domestic sales of formulation reached at Rs. 773 crore as against Rs. 700 crore. Its export income from formulation exports increased by 22 per cent to Rs. 1,074 crore from Rs. 881 crore. Its API exports went up by 19 per cent to Rs. 467 crore from Rs. 392 crore.