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Dishman Carbogen slumps on dismal Q1 results

14-Aug-24 15:47 Hrs IST

On a consolidated basis, Dishman Carbogen Amcis reported net loss of Rs 77.57 crore in Q1 June 2024 as against net profit of Rs 17 crore in Q1 June 2023. Net sales declined 27.59% year-on-year to Rs 523.78 crore in Q1 June 2024. Net revenue was impacted mainly due to lower revenue in Switzerland and Netherlands.

Pre-tax loss stood at Rs 77.56 crore in Q1 June 2024 as against pre-tax profit of Rs 29.49 crore in Q1 June 2023.

EBITDA slumped 76.8% YoY to Rs 29.39 crore in Q1 June 2024. EBITDA margin stood at 5.6% in Q1 June 2024, lower than 17.5% in Q1 June 2023. This was primarily due to lower operating margins in its European subsidiaries, Carbogen Amcis AG and Carbogen Amcis BV. Factors contributing to this decline include delays in high-margin project realization, increased sales of lower-margin cholesterol products, and higher raw material costs. Additionally, the company incurred a larger operating loss in its French operations compared to the previous year.

During the quarter, cost of goods sold (COGS) fell 59.4% YoY to Rs 66.35 crore while employee expenses rose 7.3% YoY to Rs 316.82 crore.

Carbogen Amcis AG ' CRAMS revenue decreased by 39.6% YoY in Q1 FY25 primarily due to shifting of a major development project and deferment of shipment of a commercial batch to the next quarters. This had an impact of CHF 9.8 m in revenue and CHF 3.92 m in operating profit due to timing difference.

Carbogen Amcis BV' Cholesterol and Vitamin D analogues revenue decreased by 16.4% YoY in Q1 FY25 primarily due to lower sales of Vitamin D analogs by 38%. This is expected to pick up in revenue in the remainder part of the year.

DCAL India ' NCE APIs and Intermediates revenue increased by 114.5% YoY in Q1 FY25 primarily due to increase in commercial supplies from Bavla site after the EDQM clearance.

DCAL India ' Quats & Generics revenue decreased by 20.4% YoY in Q1 FY25 primarily due to slow down in agrochemical sector, which is expected to pick up in the second half of the year.

Dishman Carbogen Amcis is a fully integrated CRAMS (Contract Research & Manufacturing) company with strong capabilities right from process research & development to late stage clinical and commercial manufacturing and supply of API to innovator pharmaceutical companies. The company has global presence with development and manufacturing sites in Switzerland, UK, France, Netherlands, India and China.