The revenue of the company also witnessed a growth of 6 percent from ₹622.2 crore to ₹661.7 crore on a Year-on-Year basis. Also, EBITDA stood at ₹84.7 crores as against ₹67.4 crores YoY.

Among other things, the firm said that the board of directors of the company has approved buyback not exceeding 6,65,000 fully paid-up equity shares for ₹900 per equity share, payable in cash for an aggregate amount of up to ₹59.85 crores.

Commenting on the same, Mr. Adhish Patil, CFO & COO, of Aarti Drugs Limited said, “The company posted revenue growth of ~6.3% YoY in Q1FY24, which was primarily driven by good volume growth getting partially set off by the downward rate variance. Growth in API business was led by volume growth of 18% driven by domestic market demand uplift. The company expects improved margin levels each quarter from now onwards as the input price is seen to be stabilized, which is also witnessed in our Q1 FY24 margin performance, though there might be a few products specific instances where raw materials are still showing a downward trend. Moreover, exports have been a laggard for API this quarter due to $ shortages for some of the export geographies.”

“Formulation segment revenue stood at ₹90 crores for the quarter, a growth of 6% YoY. The formulation segment contributed ~14% to the consolidated revenue for the quarter. Exports continued to remain a key focus area for the formulation segment. ~67% of the formulation revenue came from exports during the quarter led by new business gains, he added.

Updated: 21 Jul 2023, 10:34 PM IST