Alivus Life Sciences (ALVUS) Q3 24/25 earnings summary

Executive summary

• Q3FY25 revenue reached INR 642 crores (₹6,418 Mn), up 12% YoY and 27% QoQ, with growth across GPL and Non-GPL segments and key geographies including India, Europe, ROW, and Japan.

• EBITDA for Q3FY25 was INR 200.8 crores (₹2,008 Mn), margin at 31.3%, up 90 bps YoY and 310 bps QoQ, with PAT at INR 137 crores (₹1,370 Mn), margin at 21.3%.

• Free cash flow for 9MFY25 was INR 183.8 crores (₹1,838 Mn), with cash and equivalents at INR 499 crores (₹4,993 Mn) as of December 31, 2024; company remains net debt-free.

• Transition to Alivus Life Sciences brought renewed focus on innovation, scalability, and sustainable long-term growth.

• Volume growth for the quarter was 18%, with price erosion around 6%.

Financial highlights

• Q3FY25 gross profit was INR 357 crores, margin at 55.6%; EBITDA at INR 200.8 crores (31.3% margin); PAT at INR 137 crores (21.3% margin).

• 9MFY25 revenue was INR 1,737 crores (₹17,373 Mn), gross profit at INR 939 crores, EBITDA at INR 509 crores (29.3% margin), and PAT at INR 343.8 crores (19.8% margin).

• R&D expenditure for nine months was INR 56 crores (3.2% of sales); two new synthetic small molecules added to the pipeline.

• Working capital days at 182 as of December 2024, mainly from higher day sales outstanding.

• Basic and diluted EPS for Q3FY25 were Rs. 11.18 and Rs. 11.14, respectively.

Outlook and guidance

• Optimism for future growth based on steady demand, with strong performance expected from new launches and capacity expansions at Solapur, Ankleshwar, and Dahej.

• Fifth CDMO project expected to be commercialized by H1FY26; multiple new projects under discussion.

• Some Q2 spillover revenue recovered in Q3, with additional recovery expected in Q4.

• Demand remains strong in Europe, Japan, and ROW, while US and Latin America are subdued.

• Focus on new product launches, geographical expansion, and operational efficiencies.