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Cadila Healthcare Limited (Zydus Cadila) on Monday posted standalone net profit at ₹473 crore for the second quarter ended September 2020, about 17 per cent higher than the ₹398 crore it reported in the previous quarter.
The second quarter showed strong recovery in its US business, which grew by about 18 per cent, while its India business grew by about 11 per cent over the same quarter last year.
The company’s standalone revenues from operations stood at ₹2,057 crore for the quarter under review, as against ₹1,796 crore in the previous quarter.
In a statement after the company’s board meeting on Monday, Zydus Cadila informed that it has strengthened its financial position over the past six months by significantly reducing its net debt by ₹2,709 crore; the net debt as on September 30, 2020 stood at ₹4,031 crore, about 40 per cent lower than the ₹6,740 crore as on March 31, 2020.
On consolidated basis, company’s net profit for the second quarter stood at ₹473 crore as against ₹454 crore in the previous quarter. Consolidated revenues from the operations stood at ₹3,820 crore for the quarter under review as against ₹3,640 crore.
During the quarter, Zydus Cadila gained market share in gynaecology, pain management, anti-infectives, anti-diabetic and hormones portfolio.
Covid vaccine trial
Sharing an update on the initiatives to fight Covid-19, Zydus Cadila informed that it will be completing the pre-clinical development on ZYIL 1, a small molecule NCE positioned for management of critically ill Covid-19 patients.
“The Phase-II clinical trials of Desidustat in the management of Covid-19 is underway at Mexico. The company has also completed Phase II clinical trials of Pegylated Interferon Alpha-2b in India for management of COVID 19.”
The Adaptive Phase I/II clinical trials are underway for the company’s lead vaccine candidate ZyCoV-D.
“The plasmid DNA platform on which our vaccine is based also provides ease of manufacturing with minimal biosafety requirements (BSL-1),” the company stated.
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