Net sales up four-folds (YoY) to INR 27.97 crore and registers a net profit of INR 4.17 crore
Kilitch Drugs (India), a fast growing pharmaceuticals company listed on NSE and BSE, recently announced the financial results for the first quarter ended as on June 30, 2018.
Q1FY19 Performance (YoY)
- The company’s total revenues increased by more than four folds to INR 30.34 crore as compared to INR 6.96 crore in Q1FY18. The net sales for the quarter stood at INR 27.97 crore – accounting for more than 50 per cent of the company’s net sales in FY18
- The company registered an EBIDTA (Earnings before Interest, Depreciation, Taxation & Amortisation) improved to INR 3.23 crore as compared to a loss of INR 13.93 lac in Q1FY18. The EBIDTA for the quarter accounted for 58 per cent of the total EBIDTA posted in FY18
- EBIDTA margin were driven by improved demand as well as exchange rate gains; stood at 11.55 per cent
- Other income increased to INR 2.37 crore in Q1FY19 against INR 20.66 lac in Q1FY18
- Net profit for the quarter increased to INR 4.17 crore against a loss of INR 11 lac in Q1FY18
- Diluted Earnings per share (not annualised) stood at INR 2.72 during Q1FY19
- The company remained a zero debt company during the quarter
Business Developments during Q1FY19
During the quarter, the company continued to focus on its upcoming a state-of-the-art Cephalosporin plant in Adis Ababa, Ethiopia – the first such plant in the country. Set up in partnership with Estro, this plant, with 20 million vials capacity will also produce multiple products including dry syrup, tablets, capsules, etc. The plant is on-course to be completed and commence commercial production in FY2020. The plant will significantly boost the company’s presence in the African markets in terms of improved margins and high capacity.
In July 2018, the company received an approval for additional land to be allocated for the project. Initially the allocated land for the Ethiopia plant was 6,700 sqm plot. Based on the progress and proposal submitted for expansion, Oromia Region Investment commission allocated another 5,700 sq. meter of land to the company – taking the total land allocated is 12,400 sq. meter for the project.
Commenting on the numbers posted, Mukund P Mehta, Managing Director, Kilitch Drugs (India), said, “I am happy to inform that the company was not only able to sustain its momentum in the first quarter but also lay a robust foundation for the upcoming quarters. While the African markets are complex and underpenetrated; our experience and product profiles have empowered us to carve a credible recall for our products. Q1FY18 also witnessed pressure on the Indian Rupee and this further enabled us to post a good performance led by exports and a strong order book.”