Dishman Carbogen Amcis Q4 FY25 results: net profit ₹43.09 crore vs ₹69.92 crore loss, revenue up 9.4%

How did Dishman Carbogen Amcis perform in Q4 FY25?

Dishman Carbogen Amcis reported consolidated revenue of ₹716.34 crore for Q4 FY25, up 9.4% from ₹654.71 crore in Q4 FY24 and 5.0% from ₹682.34 crore in Q3 FY25. EBITDA rose 143.6% year on year to ₹152.69 crore and increased 9.0% from ₹140.13 crore in the previous quarter. The EBITDA margin was 21.3%, compared with 9.6% in Q4 FY24 and 20.5% in Q3 FY25.

Profit before tax was ₹27.70 crore, against a loss of ₹49.20 crore in Q4 FY24 and ₹27.05 crore in Q3 FY25. The company reported a net profit of ₹43.09 crore and basic EPS of ₹2.75, compared with a net loss of ₹69.92 crore and EPS of -₹4.46 in the year-ago quarter. Net profit was ₹38.46 crore higher than Q3 FY25. On the standalone basis, revenue was ₹106.1 crore and the company reported a loss of ₹7.37 crore.

What changed in Dishman Carbogen Amcis' costs and profit?

Total expenses fell 3.3% year on year to ₹684.86 crore, compared with ₹707.98 crore in Q4 FY24. Cost of materials consumed fell ₹4.57 crore to ₹154.15 crore, depreciation and amortisation fell ₹5.91 crore to ₹79.09 crore, and other income rose ₹0.81 crore to ₹7.97 crore. Employee cost increased ₹4.17 crore to ₹324.94 crore, finance costs increased ₹11.17 crore to ₹42.12 crore, and other expenses increased ₹2.95 crore to ₹92.80 crore.

The quarter included an exceptional charge of ₹11.75 crore, compared with an exceptional charge of ₹3.09 crore in Q4 FY24 and an exceptional gain of ₹2.04 crore in Q3 FY25. Tax expense was ₹15.39 crore lower year on year than the ₹20.72 crore recorded in Q4 FY24. Profit before tax therefore moved from a loss of ₹49.20 crore to ₹27.70 crore, while net profit moved from a loss of ₹69.92 crore to ₹43.09 crore.

How did Dishman Carbogen Amcis do in FY25 as a whole?

For FY25, consolidated revenue rose 3.7% to ₹2,711.50 crore from ₹2,615.77 crore in FY24. Total income rose 3.4% to ₹2,733.18 crore from ₹2,643.98 crore. Profit before tax turned to a profit of ₹19.31 crore from a loss of ₹122.26 crore, and net profit turned to a profit of ₹3.24 crore from a loss of ₹153.45 crore. Basic EPS was ₹0.21, compared with -₹9.79 in FY24.

The investor presentation showed FY25 adjusted EBITDA of ₹4,719.3 million and an adjusted EBITDA margin of 17.4%, compared with ₹2,956.8 million and 11.3% for FY24. These adjusted figures exclude SaaS cost and, for FY24, forex loss and non-recurring expenses.

What do the balance sheet and cash flow show?

At 31 March 2025, total assets were ₹9,999.15 crore, compared with ₹10,180.45 crore at 30 September 2024. Total equity rose to ₹5,831.52 crore from ₹5,736.76 crore, while borrowings fell to ₹2,083.91 crore from ₹2,164.89 crore. Cash and cash equivalents increased to ₹341.07 crore from ₹228.40 crore; inventories were ₹900.24 crore and trade receivables were ₹665.14 crore.

FY25 operating cash flow was ₹375.23 crore, compared with ₹383.97 crore in FY24. Investing cash flow was -₹192.21 crore against -₹229.52 crore, financing cash flow was -₹102.09 crore against -₹22.15 crore, and capital expenditure was ₹216.76 crore compared with ₹303.25 crore. FY24 closing cash was ₹264.09 crore.

How has Dishman Carbogen Amcis done over the last 8 quarters?

Revenue rose year on year in each of the last three quarters. It reached a quarterly high of ₹789.04 crore in Q2 FY25, while the low in the period was ₹523.78 crore in Q1 FY25; Q4 FY25 revenue was ₹716.34 crore.

Profit and margin improved after losses and lower margins in the preceding quarters. The EBITDA margin peaked at 21.3% in Q4 FY25, compared with a low of 5.5% in Q1 FY25. Net profit was ₹43.09 crore in Q4 FY25, compared with a low of -₹77.57 crore in Q1 FY25. The latest quarter was the third consecutive quarter of year-on-year revenue growth.

What else did the company announce?

The board approved the audited standalone and consolidated financial results for the quarter and year ended 31 March 2025 on 21 May 2025. The board also approved the appointment of Ashok P. Pathak as secretarial auditor for five consecutive years from FY25-26 to FY29-30, subject to shareholder approval. The filing included an auditors’ report with an unmodified opinion and security cover certificates for three non-convertible debenture issues.

A same-day investor presentation was filed on 22 May 2025. The board meeting filing also stated that the trading window would open on 24 May 2025 after being closed from 1 April 2025 to 23 May 2025. No dividend or fund-raising decision was stated in the excerpts.

What did the auditors point out?

The board filing stated that the statutory auditors issued an audit report with an unmodified opinion dated 21 May 2025. In the standalone audit report, the auditors included an Emphasis of Matter drawing attention to Note 4 of the statement and the accounting treatment relating to the scheme involving the merger of Dishman Pharmaceuticals and Chemicals with the company.

The auditors also described their responsibilities for the consolidated financial results, including obtaining reasonable assurance about whether the statement as a whole was free from material misstatement, whether due to fraud or error. The excerpts did not indicate a qualified opinion or a going-concern conclusion.

What did Dishman Carbogen Amcis' management say?

Management guided to FY26 EBITDA of INR 550-570 crore at approximately 20% margin, saying this was the company’s first formal EBITDA guidance. It also guided to FY26 capex of EUR 25-30 million, finance costs 10-15% lower than FY25, and net debt reduction of INR 100-200 crore annually. Management targeted FY26 revenue of EUR 18 million for breakeven at the French entity, with a worst-case range of EUR 15-16 million.

Management said the French facility was fully operational after receiving a GMP certificate and that a Japanese ADC customer would co-invest CHF 25 million or more in Swiss capacity, with the project expected to be operational by 2027. Management also said a Chinese drug manufacturing licence opened opportunities for more Chinese projects. Management identified current ROCE of approximately 2% as depressed by recent capex and goodwill, customer-mandated inventory levels, CHF appreciation against the rupee, and late-phase CRAMS projects dropping out as risks.

Stephan Fritschi, CEO of the CARBOGEN AMCIS entities, said the Japanese customers were loyal and that the company delivered what it promised. Harshil Dalal, Global CFO, said Q4 was the third consecutive quarter he described as one of the company’s best quarters. No analyst questions were included in the provided excerpts.

How did Dishman Carbogen Amcis shares react?

The filing appeared after market hours. From the price when the filing appeared, the stock was up 4.3% after 5 minutes, 6.6% after 15 minutes and 9.7% after 30 minutes. On the reaction day, it closed 9.9% above the previous close of ₹220.30. By the next day’s close, the cumulative gain from that pre-results close was 14.2%, and by the fifth session’s close it was 21.1%.

The Pharmaceuticals industry median moved -0.1% on the reaction day, -0.3% by the next close and 0.4% by the fifth close. Dishman Carbogen Amcis therefore exceeded the industry median by 10.0 percentage points on the reaction day, 14.5 percentage points by the next close and 20.7 percentage points by the fifth close. Earlier reaction-day moves were 1.0% on 12 February 2025, 17.9% on 13 November 2024, -12.0% on 13 August 2024 and -14.5% on 30 May 2024.

How did other Pharmaceuticals companies do?

Among 155 Pharmaceuticals companies compared, the median revenue growth was 8.3%. Dishman Carbogen Amcis’s 9.4% revenue growth was higher than 80 peers that grew slower and lower than 74 peers that grew faster. Profit increased for 87 of the 155 peers compared for profit.