COHANCE · Healthcare
Cohance Lifesciences Ltd. reported revenue of ₹604 cr for July to September 2024, +161.5% on the year and +23.8% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹205 cr, a margin of 33.9%, −848 bps on the year and +833 bps on the quarter. Over the last 6 quarters the margin has ranged from 25.6% to 48.0%, averaging 34.8%. Operating costs grew +200.0%, faster than revenue at +161.5%, so operating profit grew less than sales.
Net profit was ₹138 cr, +72.5% on the year and +84.0% on the quarter, with earnings per share of ₹5.44. Profit before other income, one-offs and tax grew faster, at +85.9%; other income, one-offs or tax held the headline back. The tax rate was 21% against an average of 26% over the previous 5 quarters, which lifted profit this quarter.
On earnings per share of ₹12.34 over the last four quarters, the stock at ₹464.55 trades at 37.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 33.9%, −848 bps on the year (+833 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹231 cr | ₹220 cr | ₹253 cr | ₹488 cr | ₹604 cr | ₹676 cr | ₹840 cr | ₹549 cr | ₹556 cr | ₹545 cr | ₹619 cr | ₹422 cr |
| YoY | — | — | — | +40% | +161% | +207% | +232% | +13% | −8% | −19% | −26% | −23% |
| EBITDA margin | 42.4% | 30.0% | 28.9% | 25.6% | 33.9% | 35.1% | 27.3% | 20.4% | 21.8% | 17.4% | 16.0% | 0.2% |
| Other income, % of PBT | 19% | 22% | 24% | 18% | 9% | 11% | −2% | 10% | 19% | 2% | −90% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 29% | 25% | 27% | 21% | 25% | 27% | 26% | 21% | 29% | 58% | — |
| Net profit | ₹80.0 cr | ₹47.0 cr | ₹53.0 cr | ₹75.0 cr | ₹138 cr | ₹153 cr | ₹117 cr | ₹46.0 cr | ₹66.0 cr | ₹29.0 cr | ₹8.0 cr | −₹45.0 cr |
| YoY | — | — | — | −38% | +73% | +226% | +121% | −39% | −52% | −81% | −93% | −198% |
| Core profit YoY | — | — | — | −45% | +86% | +259% | +206% | −32% | −57% | −78% | −77% | −196% |
| EPS | ₹3.13 | ₹1.84 | ₹2.10 | ₹2.96 | ₹5.44 | ₹6.01 | ₹4.73 | ₹1.28 | ₹1.94 | ₹0.96 | ₹0.51 | −₹0.63 |
| Flags | · | · | · | 1 | 1 | ✓ | ✓ | 1 | 1 | 1 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cohance Lifesciences Ltd. reported revenue of ₹604 cr (+161.5% on the year) and net profit of ₹138 cr (+72.5% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +85.9% on the year, against +72.5% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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