IPCA Laboratories declines 3% on fall in March quarter net profit

The company’s consolidated net profit stood at ₹59.59 crore for the March quarter (Q4FY24), registering a 22.12% drop year-on-year (YoY) compared to ₹76.52 crore reported during the same period a year ago.

In an exchange filing on May 29, the pharmaceutical company reported its financial results for the fourth quarter and financial year ended March 31, 2024.

IPCA Laboratories consolidated revenue from operations rose 34.51% to ₹2,033 crore for the March 2024 quarter, compared to ₹1,511 crore in the year-ago period.

IPCA Laboratories said that its EBITDA for Q4FY24 stood at ₹304.59 crore, reflecting a significant increase of 78% compared to ₹170.66 crore in Q4FY23. The company’s consolidated EBITDA margin improved to 14.98% in the March 2024 quarter, compared to 11.29% in Q4FY23.

In FY24, the company’s revenue from operations increased to ₹7,705 crore against ₹6,244 crore in FY23. For the entire financial year 2023-24, the pharma major’s net profit stood at ₹547.35 crore against ₹471.32 crore in FY23.

IPCA Laboratories’ board also recommended a final dividend of ₹21 per share (200%) for the financial year ended March 31, 2024. The dividend is subject to the approval of the shareholders at the upcoming annual general meeting.

Established in 1949, IPCA Laboratories specialises in manufacturing both finished dosage forms and active pharmaceutical ingredients. According to the company’s website, IPCA manufactures more than 350 formulations and 80 active pharmaceutical ingredients (APIs) across a wide range of therapeutic segments.

Shares of IPCA Laboratories closed 2.56% lower at ₹1,286 apiece on the NSE.

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