Drug firm Gland Pharma Ltd on Wednesday (February 14) reported a 17.3% year-on-year (YoY) decline in net profit at ₹191.9 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year,
Gland Pharma posted a net profit of ₹231.9 crore, the company said in a regulatory filing. The company's revenue from operations jumped 64.7% to ₹1,545.2 crore against ₹938.3 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA increased 23.1% YoY to ₹356.4 crore in the third quarter of this fiscal over ₹289.6 crore.
The EBITDA margin stood at 23.1% in the reporting quarter compared to 30.9% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The US market accounted for 53% of Q3 revenue in FY24 against 62% in the year-ago period. The growth in the Europe and the rest of the world (RoW) markets is attributed to the acquisition of French firm Cenexi.
The rest of the world market accounted for 18% of Q3 revenue in FY24 against 21% in Q3 of FY23. The India market accounted for 5% of Q3 revenue compared to 9% in Q3 of FY23.
Total research and development (R&D) expenses for Q3 of FY24 amounted to ₹53 crore or 5% of operating revenue. The company has filed 10 ANDAs (abbreviated new drug applications) during the quarter and received approval for three ANDAs.
As of December 31, 2023,
Gland and its partners filed 346 ANDAs in the United States, 279 of which were approved and 67 pending approval. The total capex incurred during the quarter ended December 31, 2023, was ₹81 crore.
Srinivas Sadu, MD and CEO of Gland Pharma, said, “With strong results in the third quarter, we continued our positive momentum for the fiscal year. Our consolidated Q3 FY24 reported sales of INR 15,452 million, reflecting a quarter-on-quarter increase of 13% and a year-on-year increase of 65%. We achieved a consolidated EBITDA of INR 3,557 million and a consolidated net profit of INR 1,919 million."
The results came after the close of the market hours. Shares of Gland Pharma Ltd ended at ₹1,953.50, down by ₹27.85, or 1.41%, on the BSE.
(Edited by : Shoma Bhattacharjee)
