India's Zydus Lifesciences beats Q3 profit view on strong India, U.S. sales

Reuters
·1 min read
Packets of energy drink Glucon-D stand on a shelf inside a grocery store in New Delhi

BENGALURU (Reuters) - Indian generic drugmaker Zydus Lifesciences Ltd reported a bigger-than-expected 24.5% rise in third-quarter profit on Friday, helped by strong sales in its key domestic and U.S. markets.

The Ahmedabad-based company said its consolidated net profit for the three months ended Dec. 31 was 6.23 billion rupees ($75.78 million), up from 5 billion rupees last year.

Analysts, on average, had expected the company, formerly known as Cadila Healthcare, to report a profit of 5.62 billion rupees.

Sales from the company's key markets India and the United States grew 12.5% and 29.3%, respectively.

"With India Formulations in on a double-digit growth trajectory and US business continuing to build traction, portfolio execution will sustain growth momentum," said Sharvil Patel, Managing Director of Zydus Lifesciences.

The company's consumer wellness segment in the domestic market, known for making glucose powder GluconD and anti-bacterial cooling powder Nycil, grew 7.8% from a year ago.

The impact of price hikes to mitigate inflationary pressure would be reflected from the fourth quarter onwards in the consumer wellness segment, which accounted for 10% of total revenues in the third quarter, the company said in an exchange filing.

Consolidated total revenue from operations rose nearly 20% to 43.62 billion rupees.

Zydus shares were trading 0.5% lower at 430.5 rupees as of 12:57 p.m. after the results. They fell 13.1% last year, compared with a decline of 11.43% in the Nifty pharma index.

Rivals Dr Reddy's Laboratories Ltd and Sun Pharmaceutical Industries Ltd had beaten profit estimates for their third quarter on strong drug sales.

($1 = 82.2170 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Janane Venkatraman)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Q1 2024 QCR Holdings Inc Earnings Call

    Q1 2024 QCR Holdings Inc Earnings Call

  • Director Amit Munshi Acquires 159,744 Shares of Zura Bio Ltd (ZURA)

    Director Amit Munshi has recently increased his stake in Zura Bio Ltd (NASDAQ:ZURA) by purchasing 159,744 shares of the company, as per the SEC Filing dated 2024-04-22.

  • Director and 10% Owner Drew Sycoff Acquires 182,540 Shares of GlucoTrack Inc (GCTK)

    In a recent transaction filed with the SEC, Drew Sycoff, serving as a Director and 10% Owner, has purchased 182,540 shares of GlucoTrack Inc (NASDAQ:GCTK) on April 22, 2024.

  • Core & Main Inc's Chief Accounting Officer Sells Company Shares

    John Stephens, the Chief Accounting Officer of Core & Main Inc (NYSE:CNM), has sold 9,497 shares of the company on April 23, 2024, according to a recent SEC Filing.

  • Atlassian Corp President Anutthara Bharadwaj Sells Company Shares

    Atlassian Corp (NASDAQ:TEAM), a leading provider of team collaboration and productivity software, has reported an insider sale according to a recent SEC filing.

  • Director Clint Hurt Sells 4,558 Shares of PrimeEnergy Resources Corp (PNRG)

    Director Clint Hurt has sold 4,558 shares of PrimeEnergy Resources Corp (NASDAQ:PNRG) on April 23, 2024, according to a recent SEC filing.

  • Mining giant BHP proposes buyout of Anglo American

    The UK-based mining giant Anglo American says it has received a takeover proposal from Australia's BHP.

  • Stock market today: Asian benchmarks mostly slide as investors focus on earnings

    TOKYO (AP) — Asian shares mostly declined Thursday as investors awaited a flood of global earnings reports, including updates from U.S. tech companies known as the “Magnificent Seven.” Japan's benchmark Nikkei 225 slid 2.1% to 37,670.50. South Korea's Kospi dropped 1.4% to 2,637.18. Hong Kong's Hang Seng gained nearly 0.1% to 17,215.51, while the Shanghai Composite was virtually unchanged at 3,044.41. Trading was closed in Australia for a national holiday, Anzac Day. Attention is also turning to

  • LSEG reports first quarter growth in line with plans

    The London Stock Exchange Group said on Thursday its first quarter growth was in line with plans, and products from its partnership with Microsoft were due to be rolled out in the first half of 2024. LSEG said total income, excluding recoveries, in the first quarter was 2.089 billion pounds ($2.61 billion), with gross profit of 1.893 billion pounds. Analysts' consensus compiled by LSEG forecast total income at 2.088 billion pounds, and gross profit at 1.888 billion pounds.

  • Netflix Dates Studio Ponoc Animated Feature ‘The Imaginary’

    “The Imaginary,” an upcoming hand-drawn animated fantasy film from Japan’s Studio Ponoc that will play in competition at this year’s Annecy International Animation Film Festival, is set to debut July 5 on Netflix. An Oscar-qualifying run is also planned. “The Imaginary” is directed by Yoshiyuki Momose, whose credits as an animator include Studio Ponoc’s 2017 debut …

  • Mining stoppage adds to Eramet's New Caledonia woes

    Eramet subsidiary SLN's nickel mining operations in northern New Caledonia have been suspended, adding to difficulties at the loss-making business that saw a slide in first-quarter output. SLN is part of a struggling New Caledonian nickel industry that the French government is trying to salvage with a proposed rescue package. Mining production at SLN was 1.0 million wet metric tons in the first quarter, down 32% from the same period last year, as issues over mining permits weighed on output.

  • Thursday's gossip: Toney, Rashford, Casemiro, Sterling, Cucurella, Diomande, Gallagher, Osimhen

    Manchester United interested in Ivan Toney, Chelsea open to offers for Raheem Sterling, Newcastle chasing Ousmane Diomande, plus more.

  • Soccer-Criticism part of life at Manchester United, Fernandes says

    Players must accept criticism as readily as praise at Manchester United, Bruno Fernandes said after the Portuguese midfielder rescued his side with two goals in a 4-2 home Premier League victory over Sheffield United. Fernandes made it 2-2 from the penalty spot in the 61st minute then put United ahead with a long-range strike 20 minutes later after the hosts had fallen behind twice against the Premier League's bottom team. United had come in for heavy criticism following Sunday's FA Cup semi-final against Coventry City where they squandered a 3-0 lead before going through via a penalty shoot-out.

  • Crystal Palace 2-0 Newcastle: Analysis

    The win over Newcastle was Crystal Palace's third in a row in the Premier League. The improvement in Jean-Philippe Mateta under Oliver Glasner has meant that the Eagles have been more of a threat on the attack. Only Erling Haaland and Cole Palmer have scored more than Mateta's eight goals since Oliver Glasner took charge of the club in February.

  • Fifth arrest made in connection to deaths of 2 Kansas women

    Paul Jeremiah Grice confessed to participating in the killing and subsequent burial, the Oklahoma State Bureau of Investigation revealed.

  • Debate over how to use money awarded for migrant services

    Debate on how to spend federal funding awarded to San Diego County, from FEMA, continues. The funding was meant to provide humanitarian services to migrants once they have been release from Border Patrol custody.

  • Sadiq Khan admits mayoral elections will be judgement day on Ulez and other transport policies

    Asked at a BBC London TV hustings whether he had succeeded in bringing Londoners with him on clean air and car travel, he says: ‘We will find out on May 2’

  • London Eye set to be made a fixture of capital's skyline for decades to come

    Lambeth Council set to make attraction permanent beyond current cut-off date of 2028

  • FTSE 100 Live 24 April: No record close as index finishes down four points, Lloyds up despite profit slide

    The rejuvenated FTSE 100 index touched a new record today in a session when the focus turned to UK banking stocks. Lloyds Banking Group kicked off the sector’s reporting season by posting a 28% fall in first quarter profits alongside unchanged full-year guidance. Other companies in the spotlight today included Reckitt Benckiser, Jet2 and the Carex business PZ Cussons.

  • 'I've killed 300 squirrels in four years'

    Grey squirrels are spreading to the north of England and wiping out the native red squirrels.