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
Highlights: For the second quarter of FY22, GLS registered revenue from operations of Rs. 5,617.6 Mn, recording a YoY growth of 7.9%. Revenues from the Generic API segment increased 3.9% YoY to Rs. 5,046.7 Mn during the quarter whereas CDMO grew by 85.1% to Rs. 490.4 Mn. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was at Rs. 1,694.3 Mn for the second quarter growing at 33.5% YoY. EBITDA margin for the quarter was 30.2%. Profit After Tax (PAT) was at Rs. 1,152.0 Mn, registering a growth of 59.0% against the corresponding quarter of the previous financial year. The company declared an interim dividend of Rs. 10.5 per share (face value Rs. 2) Commenting on the company’s performance Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences Limited said, “At Glenmark Life Sciences, both our generic API business and CDMO business have delivered growth for the quarter ended September 30, 2021, fuelled by demand in key regulated markets. We are delighted that the CDMO business has picked up pace this quarter. We will continue to remain focused on our growth levers for sustainable long term growth.” Dr. Rawjee further added “We are also on track to cater to the growing demand through strategic investments in brownfield expansion at our Dahej facility and a modern green-field manufacturing facility at Solapur. Going forward, we will continue to deliver on quality, safety and environmental compliance which form the bedrock for our company.” According to Bhavesh Pujara, CFO, Glenmark Life Sciences Limited, “Our results for the quarter reinforce continued growth momentum in our top line leading to a robust 18.4% growth in H1 of FY22. Despite multiple headwinds coming from spike in input prices, logistics costs and energy prices, we have sustained healthy EBITDA margin of 30.2% for the quarter. We intend to stay on course in maintaining our profitability and returns through productivity improvement, cost discipline and efficient next generation processes while we execute our strategic plans for our future growth drivers” Result PDF