Caplin Point Laboratories reported a 21 per cent year-on-year growth in consolidated net profit for the first quarter at ₹104 crore. The Chennai-based pharma company posted a net profit of ₹86 crore for the same quarter of the previous fiscal.
Consolidated revenue from operations grew by 14 per cent yoy to ₹395 crore in the latest quarter compared to ₹346 crore in the year-ago quarter.
Caplin Point is into the manufacture of pharmaceutical formulations and therapeutics under generic and branded categories. It primarily focuses on the emerging markets of Latin America and Africa. Caplin Point’s product portfolio includes tablets, softgels, capsules, injections, liquid orals, ointments and creams.
Of the total revenues, Latin America and Rest of World contributed 88 per cent while the US market accounted for the remaining.
The robust growth in Latin America business, both in terms of revenue and profitability, resulted in huge margins, CC Paarthipan, Chairman, Caplin Point Laboratories, said in the company’s Q1 earnings release.
The company’s EBITDA margin improved to 34 per cent in Q1FY24 as against ₹32.2 per cent in the year-ago quarter.
The company’s US business is primarily driven by its subsidiary Caplin Steriles, which is into manufacture of injectables and ophthalmics. “With a strong order book, we are optimistic about achieving 40-50 per cent revenue growth (in the US market) in FY24. We aim to achieve this growth through strategic new product launches and by increasing our market share for existing products,” Paarthipan said.
Last week, the company announced that the board of Caplin Steriles Ltd approved setting up of a wholly-owned subsidiary Caplin Steriles USA Inc to focus on the front end sales, marketing and distribution in the US market.
Meanwhile, stocks of Caplin Point Laboratories declined 5 per cent on NSE to ₹906.55 possibly on account of profit booking. The shares have rallied over 15 per cent in the last one month.