Sanofi India Ltd. reported a 16% decrease in net profit for the first quarter of FY24, with earnings falling to ₹103.2 crore. This is down from ₹123 crore in the same quarter last year.
Revenue from operations also saw a decline, dropping 10% to ₹463.5 crore from ₹515 crore a year ago. Operating profit, or EBITDA, fell by 4.8% to ₹115.7 crore, although the EBITDA margin improved slightly to 25% from 23.6% in the previous year.
Despite these challenges, Sanofi India’s diabetes brands, Lantus and Toujeo, experienced double-digit growth in secondary sales, outperforming the market. The company also highlighted positive prospects for its new partnerships in the central nervous system and cardiovascular segments.
Net sales of ₹429 crore for the quarter are not fully comparable due to supply constraints and divestments in the previous year. However, these issues are expected to be resolved in the latter half of 2024.
Operating expenses were reduced by 9%, reflecting efforts to improve efficiency. Nonetheless, the profit before tax was affected by ₹19 crore in restructuring costs, leading to a reported profit before tax of ₹68 crore for the quarter.
