Glenmark Pharmaceuticals Ltd reported widening of consolidated net loss to Rs 1,238.6 crore for the March quarter from a net loss of Rs 549.4 crore in the same period a year ago.
Revenue rose two percent from the previous year to Rs 3,063 crore, from Rs 3,000.5 crore in the same period a year ago.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 26.7 percent to Rs 504.2 crore. The EBITDA expanded to 16.5 percent from 13,3 percent a year ago.
The Board recommended a dividend of Rs. 2.5/- per share on the Equity Share Capital of the Company for the financial year 2023-24 subject to the approval of the Shareholders at the ensuing Annual General Meeting.
India Business grew by 12.9 percent to Rs. 9,391 million. Europe Business grew by 0.7 percent to Rs. 6,118 million. RoW Business grew by 9.7 percent to Rs. 7,528 million. North America Business experienced de-growth by 12.4 percent to Rs. 7,557 million.
“This past year has been a period of significant transition and transformation for Glenmark. Our branded markets continued to deliver robust growth, particularly in Europe and other key international markets. While we encountered some headwinds in our US business, we remain optimistic about ability to regain our growth trajectory in the coming year.” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd.
He further added, “We have made significant progress in advancing our strategy of building global brands. The successful commercialization of RYALTRIS, our novel allergic rhinitis treatment, in 34 markets worldwide is consistently gaining market share in these geographies. Additionally, we have also in-licensed two specialty products - Winlevi and Envafolimab. As we continue to move up the value chain and enhance our product mix, we are confident of achieving significant improvement in our operating margins going forward.”
Glenmark manufactures pharmaceutical formulations, which it markets in India and abroad. It also undertakes R&D on new chemical and biological entities. The company has 16 manufacturing facilities and seven R&D centres in India, the US and a few other countries.
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