INDGN · Healthcare
Indegene Ltd. reported revenue of ₹720 cr for October to December 2024, +7.0% on the year and +4.8% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹132 cr, a margin of 18.3%, −381 bps on the year and −1 bps on the quarter. Over the last 7 quarters the margin has ranged from 16.0% to 22.1%, averaging 19.1%. Operating costs grew +12.2%, faster than revenue at +7.0%, so operating profit grew less than sales.
Net profit was ₹110 cr, +11.1% on the year and +19.6% on the quarter, with earnings per share of ₹4.58. Profit before other income, one-offs and tax fell 9.2%, so 20 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average.
On earnings per share of ₹16.34 over the last four quarters, the stock at ₹614.60 trades at 37.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, 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?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
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.
| 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 | ₹636 cr | ₹673 cr | ₹673 cr | ₹676 cr | ₹687 cr | ₹720 cr | ₹756 cr | ₹761 cr | ₹804 cr | ₹942 cr | ₹1,003 cr | ₹1,063 cr |
| YoY | — | — | — | +11% | +8% | +7% | +12% | +13% | +17% | +31% | +33% | +40% |
| EBITDA margin | 19.0% | 22.1% | 20.7% | 19.1% | 18.3% | 18.3% | 19.6% | 20.4% | 17.5% | 17.0% | 16.4% | 16.4% |
| Other income, % of PBT | 12% | 10% | 19% | 18% | 17% | 26% | 17% | 14% | 15% | 14% | −10% | 19% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 29% | 27% | 26% | 25% | 21% | 23% | 23% | 24% | 24% | 24% |
| Net profit | ₹75.0 cr | ₹99.0 cr | ₹95.0 cr | ₹88.0 cr | ₹92.0 cr | ₹110 cr | ₹118 cr | ₹116 cr | ₹102 cr | ₹103 cr | ₹80.0 cr | ₹116 cr |
| YoY | — | — | — | +29% | +23% | +11% | +24% | +32% | +11% | −6% | −32% | 0% |
| Core profit YoY | — | — | — | +53% | +16% | −9% | +14% | +33% | +10% | +7% | −7% | −5% |
| EPS | ₹3.38 | ₹4.45 | ₹4.26 | ₹3.67 | ₹3.83 | ₹4.58 | ₹4.90 | ₹4.85 | ₹4.25 | ₹4.28 | ₹3.31 | ₹4.82 |
| Flags | · | · | · | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | 1 | 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.
Indegene Ltd. reported revenue of ₹720 cr (+7.0% on the year) and net profit of ₹110 cr (+11.1% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −9.2% on the year, against +11.1% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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