Gland Pharma Q3 Results FY2024, Net profit at Rs.191.9 crores

On 14th February, Gland Pharma announced its quarterly results.

Key Highlights:

- The Company reported its revenue from operations at Rs. 1545.2 crores, up 65% YoY
- EBITDA was reported at Rs. 355.7 crores, up 23% YoY
- Profit after Tax stood at Rs. 191.9 crores, a drop of 17% YoY
 

Business Highlights:

- US market accounted for 53% of Q3FY24 revenue as against 62% in Q3FY23.  
- The growth in the Europe and ROW market due to the acquisition of Cenexi. 
- The rest of the World market accounted for 18% of Q3FY24 revenue as against 21% in Q3FY23. 
- India market accounts for 5% of Q3FY24 revenue as compared to 9% in Q3FY23.
- Total R&D expenses for Q3 FY24 were Rs. 53 crores or 5% of operating revenue. 
- The company filed 10 ANDA during the quarter and received approval for 3 ANDAs. As of December 31, 2023, Gland and its partners filed 346 ANDAs in the United States, 279 of which were approved and 67 unresolved. 
- Total Capex incurred during the quarter ended December 31, 2023, was Rs. 81 crores.
- For Q3FY24, Cenexi reported a revenue of Rs. 443.9 crores with a gross contribution of 75% and a negative EBITDA of Rs. 17 crores.

Commenting on the results, Mr. Srinivas Sadu, MD & 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. In the ex-Cenexi base business, we are happy to keep up with the growth aspirations, and the performance has been encouraging with the introduction of new products and improved volumes of the current basket.”