Pharmaceuticals company Glenmark Life Sciences announced Q1FY24 results: GLS registered revenue from operations of Rs 5,785 million for Q1FY24, recording a strong growth of 18.1% YoY and a decline of 6.9% compared to the high base of Q4FY23. Gross margins improved strongly in Q1FY24 trending at 57.1%, up 220 bps QoQ and 380 bps YoY; driven by lower input costs and a better product mix. EBITDA for Q1FY24 was at Rs 1,950 million up 24.8% YoY. EBITDA margins were at 33.7%, up 180 bps YoY driven by higher gross margin and offset by higher operating cost. PAT was at Rs 1,355 million in Q1FY24, registering a growth of 24.6% YoY. PAT Margin for the quarter was at 23.4%, up 120 bps YoY. R&D; expenditure for Q1FY24 was at Rs 174 million, 3% of sales. Capital expenditure for Q1FY24 was at Rs 354 million. ROICE (adjusted for Cash and CWIP) was 35% for Q1FY24 and the Fixed assets turnover ratio at 2.7x. Strong free cash generation of Rs 982 million during Q1FY24 leading to Cash & Cash Equivalents of Rs 3,820 million as on June 30 2023. Commenting on the company’s performance Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences said, “Our performance in the quarter was driven by Generic API and the CDMO businesses. Geographically, the US, Europe, ROW and India markets spearheaded this growth. We remain focused on our strategic priorities of building capacities as well as strengthening our product pipeline. This coupled with an improved demand environment and supply situation will act as a catalyst for growth in the coming quarters.” Commenting on the company’s performance Tushar Mistry, CFO, Glenmark Life Sciences said, “I am delighted to report continued growth momentum in Q1 with improved gross margins on the back of rationalisation in input cost and improved product mix. EBITDA and PAT margins improved due to better gross margins. GLS generated strong free cash flow of Rs 98 crore during the quarter further strengthening the debt-free balance sheet.” Result PDF