For
the quarter ending June 2023, consolidated Net sales (including other operating income) of Gland Pharma has increased 41.05% to Rs 1208.69 crore compared to quarter ended June 2022. Operating profit margin has declined from 31.50% to 24.32%, leading to 8.91% rise in operating profit to Rs 293.96 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.14% to 38.00%. Purchase of finished goods cost fell from 0.57% to 0.31%. Employee cost increased from 11.83% to 20.81%. Other expenses rose from 13.87% to 16.88%. Power and Oil fuel cost fell from 4.11% to 4.06%. Other income fell 49.54% to Rs 37.54 crore. PBIDT fell 3.72% to Rs 331.5 crore. Provision for interest rose 446.67% to Rs 4.92 crore.
PBDT fell 4.90% to Rs 326.58 crore. Provision for depreciation rose 87.11% to Rs 65.32 crore.
Profit before tax down 15.31% to Rs 261.26 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 67.16 crore, compared to Rs 79.33 crore. Effective tax rate was 25.71% compared to 25.71%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 15.30% to Rs 194.10 crore. Promoters’ stake was 57.86% as of 30 June 2023 ,compared to 57.87% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Gland Pharma has declined 17.64% to Rs 3624.6 crore. Operating profit margin has declined from 34.32% to 28.27%, leading to 32.14% decline in operating profit to Rs 1,024.77 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.90% to 46.76%. Purchase of finished goods cost fell from 0.59% to 0.42%. Employee cost increased from 7.76% to 10.98%. Other expenses rose from 10.15% to 13.92%. Power and Oil fuel cost rose from 2.18% to 3.40%. Other income rose 7.38% to Rs 240.46 crore. PBIDT fell 27.04% to Rs 1265.23 crore. Provision for interest rose 42.18% to Rs 7.45 crore. Loan funds declined from Rs 4.74 crore as of 31 March 2022 to Rs 4.45 crore as of 31 March 2023. Inventories rose to Rs 1,945.30 crore as of 31 March 2023 from Rs 1,185.67 crore as of 31 March 2022. Sundry debtors were lower at Rs 871.39 crore as of 31 March 2023 compared to Rs 1,074.81 crore as of 31 March 2022. Cash and bank balance rose to Rs 3,770.68 crore as of 31 March 2023 from Rs 3,093.44 crore as of 31 March 2022.
PBDT fell 27.25% to Rs 1257.78 crore. Provision for depreciation rose 33.04% to Rs 146.74 crore. Fixed assets increased to Rs 1,736.10 crore as of 31 March 2023 from Rs 1,680.40 crore as of 31 March 2022. Intangible assets declined from Rs 12.54 crore to Rs 11.66 crore.
Profit before tax down 31.36% to Rs 1,111.04 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 273.54 crore, compared to Rs 406.89 crore. Effective tax rate was 25.94% compared to 25.14%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 35.54% to Rs 781.04 crore.
Equity capital increased from Rs 16.43 crore as of 31 March 2022 to Rs 16.47 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 57.86% as of 31 March 2023 ,compared to 58.00% as of 31 March 2022 .
Cash flow from operating activities decreased to Rs 363.97 crore for year ended March 2023 from Rs 790.77 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 223.12 crore, compared to Rs 522.12 crore during the year ended March 2022.
Other Highlights
In Q1 FY24, USA
revenue fell 6%, Europe up 432%, other core markets (Canada, New zealand and
Australia) up 3%, India up 29% and ROW up 193% on YoY basis.
Rest of the World market, accounted for
24% of Q1FY24 revenue as against 12% in Q1FY23. India market accounts for 5% of
Q1FY24 revenue as compared to 6% in Q1FY23.
On April 27th, 2023, Gland Pharma through
its wholly owned subsidiary in Singapore acquired 100% of Cenexi. The growth in
the Europe and ROW market due to acquisition of Cenexi.
The total R&D
expense for Q1 FY24 was Rs 45.7 crore which is 5% of revenue.
As of Jun 30, 2023, company had 337 ANDA
filings in the United States, of which 270 were approved and 67 pending
approval.
Total Capex incurred
during June 2023 quarter was Rs 68.7 crore.