Total income in Q4 FY23 was at Rs 1,548.02 crore, up by 19% from Rs 1,303.64 crore posted in Q4 FY22.

Profit before tax declined 23.66% year on year to Rs 129.44 crore in the quarter ended 31 March 2023.

Total expenses spiked 25.09% to Rs 1,418.58 crore in Q4 FY23 over Q4 FY22. Employee benefits expenses stood at Rs 327.33 crore (up 9.94% YoY) while finance cost was Rs 18.45 crore (up 5x YoY).

EBITDA before forex declined 12% to Rs 206.92 crore in Q4 FY23 from Rs 236.05 crore posted in Q4 FY22. EBITDA margin reduced to 13.37% in Q4 FY23 as compared with 18.11% reported in the same period last year. The company reported forex gain of Rs 10.51 crore in Q4 FY23 as against forex loss of Rs 2.18 crore recorded in Q4 FY22.

Revenue from formulations business stood at Rs 1,040.57 crore in Q4 FY23, up by 16% YoY. During the quarter, income from domestic formulations business rose 10% at Rs 607.94 crore.

Revenue from APIs business jumped 30% YoY to Rs 346.98 crore in the quarter ended 31 March 2023.

On full year basis, the company reported 47% decline in net profit to Rs 471.32 crore despite of a 7% increase in net sales to Rs 6,244.32 crore in the financial year ended 31 March 2023 over the financial year ended 31 March 2022.

IPCA Laboratories is a pharmaceutical company with a strong thrust on exports which now account for 47% of company's income. IPCA is vertically integrated and produces finished dosage forms and active pharmaceutical ingredients.

Shares of IPCA Laboratories rose 0.92% to currently trade at Rs 689.90 on the BSE.