Lincoln Pharmaceuticals has reported a net profit of Rs 22.88 crores for the Q2 FY22 ended September 2021 as against a net profit of Rs 20.20 crores in the corresponding period last year, growth of 13.27 per cent.
In a statement, the company notified that the net revenue for the quarter ended September 2021 reported at Rs 129.41 crores, higher by 4.78 per cent over previous fiscal’s same period net revenue of Rs 123.51 crores. EBITDA for the quarter ended September 2021 was reported at Rs 31.95 crores as compared to Rs 29.02 crores in the corresponding period last year. EPS was reported at Rs 11.44 per share for Q2FY22 as compared to Rs 10.10 per share in the corresponding period last year. The company approved a dividend of Rs 1.50 per share for FY 20-21 at the 27th AGM held on 30th September, 2021.
It further informed that the company recently acquired a plant in Mehsana, Gujarat, and plans to launch Cephalosporin products. It plans to invest Rs 30 crores for the expansion, and expects commercial operations from March 2022. The plant is expected to contribute sales of around Rs 150 crores in the next three years. The plant will cater to all the Cephalosporin products i.e. tablets, capsules, dry syrups and injectables.
Commenting on the results and performance, Mahendra Patel, Managing Director, Lincoln Pharmaceuticals, said, “The company has delivered a robust operational and financial performance during the quarter and is confident to improve our growth numbers going forward. Recently, the company has also received an approval from Australia’s medicines and medical devices regulator – Therapeutic Goods Administration (TGA) for its Khatraj facility. TGA and EU GMP approvals will further strengthen the company’s presence in the export market. Strategic growth initiatives, product and geographical expansion and operational efficiency are likely to maximise value for all stakeholders in the near-to-medium term.”
Further, according to the statement, the company reported net profit of Rs 40.26 crores for the H1FY22 ended September 2021 as against a net profit of Rs 35.19 crores in the corresponding period last year, a growth of 14.41 per cent. The net revenue for the half year ended September 2021 reported at Rs 251.47 crores, higher by 11.01 per cent over previous fiscal’s same period net revenue of Rs 226.52 crores. EBITDA for the half year ended September 2021 was reported at Rs 58.26 crores as compared to Rs 51.43 crores in the corresponding period last year. EPS was at Rs 20.13 per share for H1FY22 as compared to Rs 17.59 in the corresponding period last year.
It also said that during H1FY22 ended September 2021, promoter group of Lincoln Pharmaceuticals increased holding in the company to 40.28 per cent – rise of 3.02 per cent (302 bps) from 37.26 per cent as of 31st March, 2021. Promoter group bought 6.03 lakh shares from the secondary market during H1FY22. During FY21, promoter group, through creeping acquisition, raised stake in the company to 37.26 per cent – rise of five per cent (500 bps) from 32.36 per cent in FY20.
Exports for Q2 FY22 were reported at Rs 133.08 crores. The export business of the company has shown remarkable growth in the last few years and had increased to 65 per cent of the total sales in FY21 from 11 per cent of total sales in FY13. The company currently exports to over 60 countries, including East and West Africa, Central and Latin America, and Southeast Asia. It looks to enter the EU markets during the current financial year, the statement concluded.