EMCURE · Healthcare
Emcure Pharmaceuticals Ltd. reported revenue of ₹2,002 cr for July to September 2024, +20.4% on the year and +10.3% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹381 cr, a margin of 19.0%, −75 bps on the year and +52 bps on the quarter. Over the last 6 quarters the margin has ranged from 17.6% to 19.8%, averaging 18.6%. Operating costs grew +21.5%, faster than revenue at +20.4%, so operating profit grew less than sales.
Net profit was ₹202 cr, +38.4% on the year and +32.0% on the quarter, with earnings per share of ₹10.29. Profit before other income, one-offs and tax grew 18.5%, so 20 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average.
On earnings per share of ₹30.87 over the last four quarters, the stock at ₹1,818.60 trades at 58.9 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.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +38.4% on the year; profit before other income, exceptional items and tax +18.5%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, 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 | ₹1,663 cr | ₹1,668 cr | ₹1,771 cr | ₹1,815 cr | ₹2,002 cr | ₹1,963 cr | ₹2,116 cr | ₹2,101 cr | ₹2,270 cr | ₹2,363 cr | ₹2,470 cr | ₹2,580 cr |
| YoY | — | — | — | +17% | +20% | +18% | +19% | +16% | +13% | +20% | +17% | +23% |
| EBITDA margin | 19.8% | 17.6% | 17.6% | 18.5% | 19.0% | 18.1% | 19.0% | 19.8% | 20.9% | 20.9% | 19.4% | 20.6% |
| Other income, % of PBT | −1% | 13% | 7% | 11% | 13% | 2% | −2% | 0% | 1% | −11% | 4% | 1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 30% | 27% | 26% | 26% | 32% | 24% | 26% | 26% | 26% | 29% | 26% |
| Net profit | ₹146 cr | ₹120 cr | ₹121 cr | ₹153 cr | ₹202 cr | ₹156 cr | ₹197 cr | ₹215 cr | ₹251 cr | ₹231 cr | ₹244 cr | ₹292 cr |
| YoY | — | — | — | +9% | +38% | +30% | +63% | +41% | +24% | +48% | +24% | +36% |
| Core profit YoY | — | — | — | +5% | +19% | +52% | +72% | +58% | +43% | +55% | +22% | +35% |
| EPS | ₹7.69 | ₹6.27 | ₹6.36 | ₹7.95 | ₹10.29 | ₹8.11 | ₹9.97 | ₹10.92 | ₹12.84 | ₹12.16 | ₹12.84 | ₹15.50 |
| Flags | · | · | · | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
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.
Emcure Pharmaceuticals Ltd. reported revenue of ₹2,002 cr (+20.4% on the year) and net profit of ₹202 cr (+38.4% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +18.5% on the year, against +38.4% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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