Bajaj Healthcare, engaged in the manufacturing of bulk drugs and pharmaceutical products, on Monday reported 37.95 per cent growth in its net profit at Rs 22.5 crore for the full financial year ended March 31, 2020, helped by stronger manufacturing efficiencies and lower finance costs. The drug maker had posted net profit of Rs 16.31 crore for the financial year 2018-19.
For FY20, revenue from operations rose by 10.76 per cent to Rs 410 crore compared to Rs 370.17 crore reported in financial year 2018-19, Bajaj Healthcare said in a regulatory filing.
The EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) increased 17.03 per cent year-on-year to Rs 51.02 crore, while finance cost reduced by 19.56 per cent from Rs 8.01 crore in FY19 to 6.45 crore in FY20.
For January-March quarter of FY20, Bajaj Healthcare reported net profit of Rs 9.6 crore against revenue from operations of Rs 118.49 crore. The EBITDA stood at Rs 18.78 crore, while financial cost was Rs 1.93 crore.
The company did not provide comparative figures for quarter ended March 31, 2019, since it was listed in SME segment of BSE Limited until March 31, 2019 and was required to prepare and publish half yearly results instead of quarterly results.
On impact of the COVID-19 pandemic on business, Bajaj Healthcare said it initially faced "some difficulties in the secondary operations and movement of the goods, which in the month of May, actually got quite good". The company, however, experienced an impact on its sales and marketing activities due to widespread restrictions on in-person meetings with its clients due to coronavirus lockdown.
"Based on current inventory levels and a robust supply chain strategy, BHL does not anticipate interruptions, to supply its products, even if extended disruptions to manufacturing operations were to occur as a result of the COVID-19 pandemic," it said.
During the year under review, Bajaj Healthcare executed agreement with Vetpharma to purchase its two manufacturing facilities of intermediates for Active Pharmaceutical Ingredient (APIs) comprising of immovable and movable properties for a purchase consideration of Rs 20.50 crore.
Meanwhile, shares of Bajaj Healthcare ended Monday's trade at Rs 287.90, up 1.82 per cent, against previous close of Rs 282.75 on the Bombay Stock Exchange.
By Chitranjan Kumar
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