Zydus Lifesciences Q1 profit up 2-fold at Rs 1,087 cr

New Delhi: Zydus Lifesciences Ltd on Friday reported over two-fold rise in consolidated net profit at Rs 1,086.9 crore for the first quarter ended June 30, 2023 driven by strong sales growth from US formulations.

The company had posted a net profit of Rs 518.3 crore for the same quarter last fiscal, Zydus Lifesciences said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 5,139.6 crore as against Rs 3,964.4 crore in the year-ago period, up 29.6 per cent.

India geography clocked sales of Rs 1,920.6 crore in the first quarter as compared to Rs 1,816.7 crore in the corresponding period a year ago.

Sales from US formulations were at Rs 2,454.1 crore as compared to Rs 1,559.2 crore in the same quarter a year ago, up 57.4 per cent, the company said.

Active pharmaceutical ingredients clocked sales of Rs 138.9 crore in the first quarter as against Rs 122.4 crore in the corresponding quarter last fiscal, it added.

During the quarter, the company witnessed a broad-based operational growth in its key businesses and a favourable product mix enhanced profitability, Zydus Lifesciences Managing Director Sharvil Patel said.

"Strong execution and volume offtake drove revenue ramp-up in the US, while the India branded formulations business, adjusting for NLEM (national list of essential medicines) impact delivered solid 12 per cent growth," he added.

On the outlook, he said,"We remain reassured on achieving profitable growth aspirations for the fiscal year and thereby enhance stakeholder value."