Glenmark Pharmaceuticals profit plunges 19%, margin rises by 310 basis points

Pharmaceutical giant Glenmark Pharmaceuticals, on Friday, reported a profit of Rs 173 crore, a drop of 19 per cent, as compared to Rs 211 crore in the same quarter last year. Its revenue climbed 23 per cent to Rs 3,402 crore against Rs 2,777 crore in the same quarter previous fiscal.
 
The Mumbai-based company’s earning before interest, taxes, depreciation and amortisation (EBITDA) soared 46 per cent to Rs 631 crore against Rs 431 crore in the same quarter last year.Meanwhile, its margin jumps 310 basis points (bps) to 18.6 per cent against 15.5 per cent in the same quarter last year.

“We had yet another strong quarter both in terms of revenue and operating margins. The robust growth in sales was led by our branded markets in the RoW region. Our Europe business performed significantly well on the back of a strong generics portfolio and continued gains in market share, in our leading respiratory brands. Our North America business remained stable, and our India business continued to significantly outperform industry growth rates. We also had our GHG emission targets certified by the Science Based Targets initiative (SBTi) giving us an impetus to further pursue our ESG goals, while also benchmarking us at a global scale” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.

The sale from the formulation business in India surged nearly 3 per cent to Rs 1,064 crore against Rs 1,035 crore in the previous corresponding quarter.

He further added, “Going forward our goal remains to sustain the momentum, as RYALTRIS continues to meaningfully contribute across all the covered markets. We also remain on track to achieve our objectives for FY24.”

RYALTRIS is a nasal spray produced by the company.

The market capitalisation of the company is Rs 22,618.80 crore, to date. While, its stock settled at Rs 801.50 apiece, down a little over 1 per cent.