Pharmaceutical firm Glenmark Life Sciences announced Q2FY23 results: GLS registered revenue from operations of Rs 5,093 million for Q2 FY23, recording a growth of 4% QoQ and de-growth 4% (ex-covid) over a higher base of Q2 FY22 Gross Margins for the quarter were at 52.9%, up 120 bps YoY driven by a better product mix and PLI scheme benefit Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) was at Rs 1,537 million for Q2 FY23 with margins steady at 30.2% Profit After Tax (PAT) for the quarter was at Rs 1,069 million in Q2 FY23, registering a de-growth of 7.2% YoY. PAT Margin for the quarter was at 21% up by 50bps YoY Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences Limited said, “I am pleased to share that despite global uncertainties, the Company exhibited growth on a sequential basis. External businesses (ex-GPL) was the key driver for this quarter, growing 13% YoY basis and 16% QoQ. India, LATAM, and Japan drove the growth during the quarter. The CDMO business also showed momentum, posting 27% growth QoQ. ” Dr. Rawjee further added, “I am happy to announce that we have completed the Dahej Capex and commenced commercial production from the third quarter. The new capacity will help us achieve the next leg of growth in the coming years. We remain confident of growing steadily in coming quarters with our differentiated products and wide geographical reach.” Tushar Mistry, CFO, of Glenmark Life Sciences Limited said, “The revenue for this quarter registered a 4% sequential growth despite a substantial degrowth in the GPL business. EBITDA margins at 30.2% was steady. The resilient margin profile in the face of global uncertainties has come on the back of continuous focus on cost improvement programs, efficient supply chain management and the intrinsic fact that our products are high-value niche molecules. With all the planned capex in place, the company is uniquely positioned to address the opportunities with its differentiated product offerings across a wide geography.” Result PDF
Glenmark Life Sciences announced Q1FY23 results: GLS registered revenue from operations of Rs 4,898.7 million for Q1 FY23, recording a YoY decline of 6.7% due to high base of COVID products sales last year. (+6.5% YoY excluding COVID products) Gross margins for the quarter improved to 53.3% mainly driven by booking of PLI scheme incentive. Gross Margins excluding PLI scheme incentive were stable at 52.0 % driven by better product mix and cost optimization efforts. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was at Rs 1,562.6 million for Q1 FY23 with margin at 31.9%. Profit After Tax (PAT) was at Rs 1,087.3 million in Q1 FY23, registering a growth of 7.7% YoY Commenting on the company’s performance, Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences Limited said, “We are pleased with our performance in this quarter with the overall business growing steadily, ex-covid products. India, LATAM, and ROW continue to lead our growth with Europe being soft due to supply chain issues. Generic API business saw a healthy growth of 7.1% YoY ex-covid products, whereas CDMO business witnessed an impact due to inventory rationalisation at customers’ end. We are witnessing improvement in demand for APIs across geographies, and I am optimistic about continuing the growth momentum in coming quarters” Dr. Rawjee further added, “Our CAPEX plans are slightly delayed but we expect closure on some of these investments by the end of Q2 FY23. Our brownfield projects continue to be on track and will be completed by the end of this fiscal year. The addition of these new capacities will facilitate sustainable growth as we expand our product portfolio and continue to deliver higher volumes for existing products in the coming years.” Result PDF
Glenmark Life Sciences reports revenue growth of 10% YoY for Q4 FY22, 12.6% for the full year FY22 Glenmark Life Sciences Pharmaceuticals declares Q4FY22 result: Glenmark Life Sciences reports revenue growth of 10% YoY for Q4 FY22; 12.6% for the full year, FY22 GLS registered revenue from operations of Rs 5,140.6 Mn for Q4FY22, recording a YoY growth of 10% and, Rs 21,232.1 Mn for FY22, a growth of 12.6%. Revenues from the Generic API segment increased by 12.1% and the CDMO business registered a growth of 12.4% in FY22. During FY22, revenues from the regulated markets witnessed a healthy growth of 21.4% YoY, whereas revenues from the emerging markets declined by 6.3% YoY due to high base of COVID products sales last year. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was at Rs 1,473.1 Mn for Q4FY22 with margin at 28.7% and Rs 6,307.6 Mn for FY22 with margin at 29.7%. Profit After Tax (PAT) was at Rs 989 Mn in Q4FY22, registering a de-growth of 5.5% YoY and Rs 4,187.2 Mn in FY22, a growth of 19.1% The Board has recommend a final Dividend of Rs 10.5 per equity share of face value of Rs 2/-, for the year ended 31st March, 2022. The total Dividend for the financial year ended 31st March, 2022 amounts to Rs 21 per share of face value of Rs 2/- each. Commenting on the company’s performance, Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences Limited said, “At Glenmark Life Sciences, we had a good quarter and sustained a healthy and profitable growth for the full year, FY22, despite a challenging business environment. For FY22, we continued to witness a healthy EBITDA margin, a strong momentum in the CDMO business and growth in regulated markets. The PAT margins for FY22 also improved on the back of debt repayment. Clearly, our business performance is a reflection of the depth of our portfolio and our ability to drive business across geographies and customer segments.” Dr. Rawjee further added, “We are set to enter FY23 powered through continued execution on our key priorities in R&D; and Operations, via product portfolio expansion and new launches. Further we remain on track on our future expansion plans and are confident of a solid growth trajectory.” According to Bhavesh Pujara, CFO, Glenmark Life Sciences Limited, “Our business delivered a top-line growth of 10% during the quarter and 12.6% for FY22 over a high base of COVID product sales last year. We kept our focus on cost controls and productivity to overcome headwinds from high input costs and energy prices. Our EBITDA margin was 28.7% for the quarter and 29.7% for the year FY22. We have also significantly ramped up capital expenditure to support our growth plans. Overall, we have closed the year on a healthy note with robust demand momentum, sustaining robust EBITDA margins and strong cash flows” Result PDF
Conference Call with Glenmark Life Sciences Management and Analysts on Q3FY22 Performance and Outlook. Listen to the full earnings transcript.
Pharmaceuticals company Glenmark Life Sciences declares Q3FY22 result: Glenmark Life Sciences reports revenue growth of 4.5% and PAT growth of 11.1% YoY for Q3 FY22 For the third quarter of FY22, GLS registered revenue from operations of Rs 5,225.0 Mn, recording a YoY growth of 4.5%. Revenues from the Generic API segment increased 0.9% YoY to Rs 4,714.6 Mn during the quarter whereas CDMO grew by 45.1% to Rs 405.7 Mn. During the quarter, revenues from the regulated markets witnessed healthy growth whereas revenues from the emerging markets were lower due to high base of COVID products sales last year Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was at Rs 1,496.0 Mn for the third quarter with margin at 28.6%. Profit after Tax (PAT) was at Rs 1,037.1 Mn, registering a growth of 11.1% against the corresponding quarter of the previous financial year. For the nine months ended 31 Dec FY22, GLS registered revenue from operations of Rs 16,091.6 Mn, recording a YoY growth of 13.5%. Revenues from the Generic API segment increased 12.0% YoY to Rs 14,564.7 Mn whereas CDMO grew by 30.9% to Rs 1,285.0 Mn. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) grew by 14.7% to Rs 4,834.6 Mn with margin at 30.0%. Profit after Tax (PAT) was at Rs 3,198.3 Mn, registering a growth of 29.5% against the same period last year. Commenting on the company’s performance Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences Limited said, “At Glenmark Life Sciences we have delivered a steady performance in Q3FY22 with a healthy EBITDA margin. While the generic API business growth was muted due to the base effect of Covid API sales last year, we continued our strong momentum in the CDMO business fuelled by healthy demand and growth in the regulated markets. Our overall results reflect our operational resilience.” Dr. Rawjee further added, “The brownfield expansion for generic APIs at Dahej is well underway, which will substantially increase our capacity. We have also undertaken expansion at the Ankleshwar site to facilitate backward integration and the overall growth in demand. We also plan to commence the construction of a modern green-field manufacturing facility at Solapur, in the beginning of the next financial year. Going forward, we will continue to invest in expansion and in building our pipeline of products for sustainable long-term growth” Result PDF