Management Discussion and Analysis the quarter and Year Ended on March 31, 2025

Bharat Parenterals Ltd reported standalone FY25 revenue of ₹318.7 crores, up 19.8% from ₹266.02 crores, with EBITDA of ₹48.14 crores and PAT of ₹26.58 crores, both growing 17%. Standalone EBITDA margins held nearly flat at 15.9%. On a consolidated basis, FY25 revenue rose 32% to ₹352.28 crores, but EBITDA fell sharply to ₹14.6 crores (margin dropping from 11.9% to 4.1%) and the company swung to a consolidated PAT loss of ₹43.7 crores versus a ₹10.5 crore profit last year, driven by heavy R&D and scale-up costs at subsidiary Innoxel Lifesciences and the consolidation of newly acquired Varenyam Healthcare. Innoxel earned ₹26 crores in milestone and licensing income, out-licensed eight molecules worth USD 3.3 million in future revenue, and cleared a USFDA inspection with no major observations. Gross margin improved strongly from 40% to 47% on the back of better product mix, but operating overheads from the subsidiaries overwhelmed profitability at the consolidated level.