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U.S. product mix sustainability
View Risks →Alkem Laboratories Limited — Q2 FY24
Alkem delivered a strong Q2 with 12% YoY revenue growth and EBITDA margin of 21.7%, well above the full-year guidance of ~16.5%.
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Alkem delivered a strong Q2 with 12% YoY revenue growth and EBITDA margin of 21.7%, well above the full-year guidance of ~16.5%. PAT came in at ~INR 620 crore, supported by gross margin expansion to ~61% from raw material softening and favorable U.S. product mix. Domestic business remained sluggish due to delayed monsoons, but chronic segments outperformed. U.S. business crossed INR 1,000 crore for the second consecutive quarter, driven by volume growth and easing price erosion (mid-single digits). Management raised EBITDA guidance to surpass 16% for FY24. Key risks include sustainability of U.S. product mix and potential reversal of raw material tailwinds.
अल्केम की दूसरी तिमाही मजबूत रही। कंपनी की कमाई पिछले साल से 12% बढ़ी। कमाई पर खर्च घटाकर मुनाफा 21.7% रहा, जो साल भर के अनुमान 16.5% से कहीं ज्यादा है। कुल मुनाफा करीब 620 करोड़ रुपये रहा। कच्चे माल की कीमतें सस्ती होने और अमेरिका में अच्छे उत्पादों की बिक्री से मुनाफा बढ़ा। भारत में बारिश देर से होने से कारोबार धीमा रहा, लेकिन पुरानी बीमारियों की दवाओं की बिक्री अच्छी रही। अमेरिका में लगातार दूसरी तिमाही 1,000 करोड़ रुपये से ज्यादा की बिक्री हुई। कंपनी ने साल भर के मुनाफे का अनुमान 16% से ऊपर कर दिया है। जोखिम यह है कि अमेरिका में अच्छे उत्पादों की बिक्री टिके या नहीं और कच्चे माल की सस्ती कीमतें बदल सकती हैं।
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Read Transcript →Quarter Snapshot
U.S. Business Revenue
INR 1,000 Cr
+high single-digit YoY (implied)
Second consecutive quarter above INR 1,000 crore; driven by volume growth and easing price erosion.
Gross Margin
61%
+150-200bps YoY (estimated)
Improved due to raw material softening and better U.S. product mix; full-year guided at 59.5%.
U.S. Price Erosion
5-6%
-1000bps YoY (from high teens)
Price erosion slowed significantly from high teens last year to mid-single digits.
Net Cash Position
INR 2,900 Cr
+INR 470 Cr QoQ
Generated INR 470 crore cash in Q2; strong balance sheet supports M&A optionality.
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Guidance and risk preview
Management expects full-year EBITDA margin to exceed the earlier guidance of 16%, driven by cost optimization and gross margin improvement.
Q2 gross margin benefited from favorable U.S.
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