Bajaj Healthcare Limited (BHL) one of the India’s leading manufacturers of APIs, Intermediates and Formulations, in its board meeting held on 9th November 2023 has inter-alia considered and approved the unaudited Financial Results of the Company for the Second Quarter & half year ended on 30th September 2023 as one of its agenda, the company on Monday announced through an exchange filing.
Net cash generation from operating activities and payment of Debt
The business has generated the Net Cash from the Operating Activities of Rs.415.68 mn in the first Half of FY24 ( against the net cash utilisation of Rs 110.53 mn for the H1 of FY-23). The cash generation of 415.68 mn mainly utilised for the payment of capital assets of Rs. 224.89 mn ( Rs. 466.76 mn for H1 FY23 ) and Rs. 100.10 mn for the Debt repayment ( as against Rs 792.12 mn increased in Debt for H1 FY23 ).
During H1 FY24, due to better working capital management the business was able to released Rs.141.66 mn from the working capital investment ( against Rs. 646.79 mn investment in working capital for H1 FY23 ).
Financial Performance Comparison – Q2 FY24 v/s Q2 FY23
Revenue from Continuing Operations has declined by 48.18% in Q2 FY24 as compared with Q2 of the previous year mainly attributed to the overall sluggish demand in the first half of the year in domestic as well as overseas markets as compared with Q2 of the previous year. Whereas due to the focus on better margins products the sales mix in the quarter has resulted in improvements in EBITDA margin to 18.72% from 17.63%.
EBITDA from Continuing Operations stood at Rs. 189.50 Mn in Q2 FY24 to Rs. 344.37 Mn in Q2 FY23 due to lower sales revenue whereas better sales mix in the quarter has resulted in improvements in EBITDA margin to 18.72% in Q2 FY24 from 17.63% in Q2 FY 23.
Net profit from Continuing Operations stood at Rs. 51.24 Mn in Q2 FY24, the Net Profit Margins declined from 10.89% in Q2 FY23 to 5.00% in Q2 FY24 mainly due lower sales revenues and finance & depreciation.
Financial Performance Comparison – H1 FY24 v/s H1 FY23
Revenue from Continuing Operations has declined from Rs. 3591.13 Mn in H1 FY23 to Rs. 2309.46 Mn in Q2 FY24 mainly attributed to the overall sluggish demand in the first half of the year in domestic as well as international markets as compared with H1 of the previous year.
EBITDA from Continuing Operations stood at Rs. 406.95 Mn in H1 FY24 against Rs. 589.04 Mn in H1 FY23 due to lower revenue mainly because of lower sales. whereas due to better sales mix in H1 FY24 resulted in improvements in EBITDA margin to 17.62% in H1 FY 24 from 16.40% in H1 FY23.
Net profit from Continuing Operations stood at Rs. 121.50 Mn in H1 FY24, the Net Profit Margins declined from 9.90% in H1 FY23 to 5.23% in H1 FY24 mainly due lower sales revenues and finance & depreciation cost as compared with previous year H1 FY23.
