Gland Pharma on August 7 reported a 15.3 percent year-on-year decline in consolidated net profit at Rs 194.1 crore in the first quarter of the current fiscal. The company had clocked a net profit of Rs 229.1 crore in the year-ago period.
Revenue came in at Rs 1,208.6 crore against Rs 856.89 crore in the year-ago period, a 41 percent jump.
The company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of Rs 294 crore in the quarter under review, against Rs 270 crore in the year-ago period.
The EBITDA margin was at 24.3 percent down against 31.5 percent in the same quarter a year ago.
India market accounted for 5 percent of the revenue of reported quarter as compared to 6 percent in same quarter a year ago.
Gland Pharma said in a statement that it has improved gross margin both on yearly and sequential basis due to improved margin from the base business US portfolio and Cenexi’s margin profile. The company said that 37 percent of the total revenue came from its acquisition of Cenexi.
Cenexi, is engaged in the business of contract development and manufacturing organisation (CDMO) of pharmaceutical products which Gland Pharma acquired in January 2023.
Total R&D expense for the reported quarter is Rs 45.7 crore which is 5 percent of revenue from operation (excluding Cenexi).
The company filed 5 ANDAs and received approval for 9 ANDAs during this quarter.
The company also said that the Board has appointed Prakash Vithal Baliga as Chief Operating Officer of the Company, effective from August 7, 2023.
The company’s shares closed at Rs 1,342.55 on the NSE, up 0.53 percent from the previous close ahead of the results.
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