Stock Report

Marksans highest ever quarter revenue at Rs 586 crore grew by 22% YoY, and EBITDA at Rs 133 crore grew by 74 % YoY

Posted On : 2024-02-13 17:49:12( TIMEZONE : IST )

Marksans Pharma Ltd. (NSE: MARKSANS; BSE Code: 524404) reported the financial results today for the quarter and nine months ending December 31, 2023.

Mark Saldanha, Managing Director of the Company said "We are thrilled to announce that we have delivered another quarter demonstrating robust performance. Our highest quarterly sales reached ~INR 586 crores. Our dedication to delivering high-quality products has resulted in an increase in market share from existing customers and the addition of new customers. Positive momentum was observed in all our major regions. The US market grew by around 16% QoQ, mostly as a result of new product launches and the strengthening of our OTC portfolio.

Our efforts toward building capabilities and capacity for the acquired Teva Pharma manufacturing facility are on track and we have also started filing DMF for backward integration. Looking ahead, we are optimistic about our strategic initiatives which will drive our future growth and sustainable long-term shareholder value."

Q3FY24 Financial Highlights

- Operating revenue was Rs. 586.1 cr., up by 22.2% YoY driven by market share gains, new launches, the addition of new customers, an increase in our share with existing customers, and incremental contributions from the acquired Teva facility.

- Gross profit was Rs. 313.3 cr., up by +30.4% YoY with a Gross margin of 53.5%.

- EBITDA was Rs. 133 cr., grew by 73.6% with an EBITDA margin of 22.7%

- EPS grew by 17.8% YoY to Rs. 1.84

9MFY24 Financial Highlights

- Operating revenue was Rs. 1,617.4 cr., up by 18.4% YoY

* US business grew by +15.8% YoY
* UK and Europe grew by +26.5% YoY

- Gross profit was Rs. 849.1 cr., up by +23.3% YoY with a Gross margin of 52.5%.

- EBITDA was Rs. 348.9 cr., grew by[ 51.9% with an EBITDA margin of 21.6%

- EPS grew by 14.5% YoY to Rs. 5.19

Business Highlights

US Market

- US & North America Formulation business reported growth of 15.8% YoY to Rs. 673.1 cr.in 9MFY24 on account of new product launches and also due to an increase in the share of existing products.

UK and Europe Market

- Revenue of Rs. 710.2 cr. from the UK and Europe Formulation business in 9MFY24 as compared to Rs. 561.3 cr. during last year, registering a growth of 26.5%.

Australia and New Zealand Market

- Australia and New Zealand business reported Rs. 155.5 cr. in 9MFY24, which grew by 6.4% YoY, due to incremental market share.

RoW Market

- RoW business reported Rs. 78.5 cr. in 9MFY24

Other Highlights

- In 9MFY24, the capex incurred was Rs 160.6 cr. Capex investment is in line with our plan for scaling the acquired manufacturing unit from Teva Pharma in Goa which will drive our future growth.

- Cash Balance at the end of 31st December 2023 is at Rs 688 cr.

- In 9MFY24, Cash from Operations is at Rs 169.0 cr. and Free Cash Flow is at 8.4 cr.

Shares of Marksans Pharma Limited was last trading in BSE at Rs. 157.95 as compared to the previous close of Rs. 146.70. The total number of shares traded during the day was 895725 in over 11575 trades.

The stock hit an intraday high of Rs. 161.60 and intraday low of 138.30. The net turnover during the day was Rs. 135388298.00.