Glenmark Pharmaceuticals Ltd on Friday reported a 19 percent year-on-year (YoY) decline in consolidated net profit at Rs 173.1 crore for the first quarter that ended June 30, 2023.
In the corresponding quarter last year, Glenmark Pharmaceuticals posted a net profit of Rs 211.1 crore, the company said in a regulatory filing. CNBC-TV18 Polls had predicted a profit of Rs 205.3 crore for the quarter under review.
The consolidated total revenue stood at Rs 3,401.6 crore during the period under review, up 22.5 percent against Rs 2,777.3 crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 3,182.1 crore for the quarter under review.
At the operating level, EBITDA jumped 46.2 percent to Rs 631.3 crore in the first quarter of this fiscal over Rs 431.6 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 18.6 percent in the reporting quarter as compared to 15.5 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Sales from the formulation business in India in Q1 of FY24 were at Rs 1,064.3 crore as against Rs 1035.2 crore in the previous corresponding quarter, recording growth of 2.8 percent year-on-year.
North America registered revenue from the sale of finished dosage formulations of Rs 808.5 crore for the quarter ended June 30, 2023, as against revenue of Rs 662.8 crore for the previous corresponding quarter, recording growth of 22 percent year-on-year.
For the first quarter of FY24, revenue from the rest of the world was Rs 551.2 crore as against Rs 422.6 crore for the previous corresponding quarter, recording a growth of 30.4 percent year-on-year.
Glenmark Europe's operations revenue for the first quarter of FY24 was at Rs 573.2 crore as against Rs 330 crore, recording growth of 73.7 percent year-on-year.
The results came after the close of the market hours. Shares of Glenmark Pharmaceuticals Ltd ended at Rs 801.60, down by Rs 8.80, or 1.09 percent on the BSE.
