Gland Pharma, on 6 November, announced its quarterly earnings for the July-September quarter for the current fiscal year.
The company reported a consolidated net profit of Rs 194 crore, which is a 19.56% year-on-year (YoY) decline from Rs 241.2 crore reported in the year-ago quarter.
However, the revenue of the company saw a 31.52% YoY increase to Rs 1,373.4 crore from Rs 1,044.4 crore reported in the same quarter of the previous fiscal year.
On the operating front, the company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) was at Rs 320.5 crore from Rs 297 crore reported in the corresponding quarter of the previous financial year.
Mr. Srinivas Sadu, MD & CEO of Gland Pharma, said, “Pricing and market share trends have shown encouraging indicators of normalisation in our key products, contributing to our revenue growth. The overall business stability is restoring confidence, and we stay optimistic about future growth with the forthcoming launches, portfolio expansion, and entry into new markets via a partner-led strategy.”
The company incurred a total R&D expense of Rs 35 crore during the quarter, which is 3% of operating revenue. During the quarter, the company had filled 1 ANAD(abbreviated new drug application) and had received approval for 5 ANAD.
In its regulatory filing, the company said that China remains a key demographic focus after it received and launched one product this year.
The India market accounts for 9% of Gland Pharma’s Q2 FY24 revenue, up 21% from the same quarter the previous year.
Due to the annual summer shutdown in France, the company’s most recent acquisition, Cenexi, did not perform well. A negative EBITDA margin resulted from only part of the company’s revenue being recorded during the quarter, despite expenses being incurred for the entire period due to the one-month outage.
Gland Pharma plans to invest approximately €60 million in capital equipment purchases and working capital over the course of the next 12 to 18 months in order to boost operational efficiencies and capacity.