Gland Pharma announced Q2FY23 results: Revenue from operations during the quarter has improved by 22% as compared to first quarter of the current year but declined by 3% as compared to corresponding quarter of the previous year. Revenue from operations for the six months ended September 30, 2022, declined by 15% as compared to the corresponding period of previous year due substantial business impact in first quarter of current financial year and higher base due to COVID related products sales in last year. Gross Margin of the Company remained stable in first half of the year as compared to same period of previous financial year but reduced sequentially largely due to change in Geography mix and product mix. The Company has generated Rs 3,956 million of cash flow from operations during first half of FY23. As of September 2022, the company had total Rs 38,200 million of Cash and Bank balances. Commenting on the results, Mr. Srinivas Sadu, MD & CEO of Gland Pharma said “We closed this quarter Q2 FY23, with a revenue of Rs 10,444 million and a PAT of Rs 2,412 million. We continue to make investments in R&D; and were able to complete 6 ANDA filings during this quarter. Although we have seen increased competition in our new products, we remain confident of our launch pipeline that will ensure sustainable growth. We are seeing positive momentum in our Biologics/Biosimilar CDMO business.” Result PDF
Conference Call with Gland Pharma Management and Analysts on Q1FY23 Performance and Outlook. Listen to the full earnings transcript.
Gland Pharma Announced Q1FY23 Result : Gland Pharma’s Q1FY23 Revenue stood at Rs 8,569 Mn with PAT margin of 25% Continued supply disruption, cost escalation and the Company’s decision to shut down two of its manufacturing lines for productivity improvement have affected the business for the quarter. Revenue from operations during the quarter has declined by 26% as compared to corresponding quarter of the previous year, which was higher due to COVID related product sales. The Company maintained a healthy EBITDA margin of 37% and PAT margin of 25% during the quarter. The Company has generated Rs 3,328 Mn of cash flow from operations during Q1FY23. As of June 2022, the company had total Rs 37,853 million of Cash. Commenting on the results, Mr. Srinivas Sadu, MD & CEO of Gland Pharma said “While market demand for our products remained strong, continuing supply disruptions in the midst of challenging macro environment has impacted our growth for the first quarter of fiscal 2023. The revenue for the quarter stood at Rs 8,569 Mn and our PAT stood at Rs 2,292 Mn. We ensured timely new product launches which is key to our sustainable business growth. In spite of pricing pressure in the US market and inflationary costs, we managed to improve our margin. We are continuously investing into our people, infrastructure and portfolio to expand our global footprint.” Result PDF