Bazis Finance Reports Q3 2022 Earnings, Revenue Down 4.4%

Bazis Group, a real estate developer, reported Q3 2022 results with revenue of RUB 10.4 bln ($167.4 mln), up 23% YoY. Net income was RUB 7.7 bln ($124.4 mln), a 34% increase from the same period last year. The company's EBITDA reached RUB 6.6 bln ($107.2 mln), a 24% increase YoY. Bazis Group's strong performance was driven by the successful launch of new projects in Moscow and St. Petersburg.

Dr. Reddy's Laboratories, a leading pharmaceutical company, reported its Q1 2023 results, showcasing a marginal 2% year-on-year (YoY) growth in its consolidated net profit at Rs 1,418 crore. The company's revenue from operations rose 11% YoY to Rs 8,545 crore. However, on a sequential basis, profit was down 11% and revenue was flat.

The revenue growth during the quarter was broad-based, with contributions from the acquired consumer healthcare portfolio in Nicotine Replacement Therapy (NRT) and sustained performance in branded markets. The company's EBITDA for the first quarter increased 5% YoY to Rs 2,280 crore. Margins declined 530 basis points to 56.9% due to higher price erosion in the generics segment and reduced operating leverage, partially offset by favorable product mix.

"We delivered double-digit growth this quarter over the same period last year, reflecting our strength in branded markets and positive momentum in the Nicotine Replacement Therapy portfolio," said Co-Chairman & MD, GV Prasad.

The Global Generics business clocked at Rs 7,560 crore revenues, showing YoY growth of 10% and flat quarter-over-quarter (QoQ) performance. In North America, Q1 revenues came in at Rs 3410 crore, down 11% YoY, mainly due to increased price erosion in certain key products including Lenalidomide. The company launched five new products in the US and filed one new abbreviated new drug application (ANDA) with the USFDA during the quarter.

Europe revenues stood at Rs 1,270 crore, surging by a massive 142% YoY, largely driven by revenues from the acquired NRT business. The growth in Europe was partly offset by price erosion but remained stable QoQ. The India business revenues rose 11% YoY to Rs 1470 crore, driven by new product introductions, price increases, and commercial execution. The company launched five new brands in the country.

In the emerging markets, revenues improved 18% YoY, driven by increased volumes of existing products, gains from new launches across multiple countries, and favorable foreign exchange. The pricing pressure on Lenalidomide is expected to intensify in the US generics market. Dr. Reddy's remains focused on strengthening its base business by delivering pipeline assets, improving productivity, and business development.

The pharmaceutical services and active ingredients (PSAI) segment revenues increased 7% YoY to Rs 820 crore, led by new API product launches and favorable forex, partially offset by lower pricing and softer demand.

Dr. Reddy's stock closed 0.6% higher at Rs 1,248 on NSE.

References:
[1] https://economictimes.indiatimes.com/markets/stocks/earnings/dr-reddys-laboratories-q1-results-pat-rises-2-yoy-to-rs-1418-crore-revenue-jumps-11/articleshow/122858707.cms