For
the quarter ending sept 2023, consolidated Net sales (including other operating income) of Gland Pharma has increased 31.50% to Rs 1373.42 crore compared to quarter ended Sept 2022. Operating profit margin has declined from 28.42% to 23.60%, leading to 9.17% rise in operating profit to Rs 324.08 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 48.82% to 37.64%. Purchase of finished goods cost rose from 0.37% to 0.45%. Employee cost increased from 9.81% to 22.16%. Other expenses rose from 12.27% to 16.20%. Power and Oil fuel cost rose from 3.10% to 4.24%. Other income fell 18.99% to Rs 53.16 crore. PBIDT rose 4.07% to Rs 377.24 crore. Provision for interest rose 251.74% to Rs 6.05 crore. Loan funds rose to Rs 357.03 crore as of 30 September 2023 from Rs 4.54 crore as of 30 September 2022. Inventories rose to Rs 2,084.35 crore as of 30 September 2023 from Rs 1,559.74 crore as of 30 September 2022. Sundry debtors were higher at Rs 1,373.14 crore as of 30 September 2023 compared to Rs 1,201.19 crore as of 30 September 2022. Cash and bank balance declined from Rs 3,295.03 crore as of 30 September 2022 to Rs 2,144.73 crore as of 30 September 2023.
PBDT rose 2.89% to Rs 371.19 crore. Provision for depreciation rose 121.71% to Rs 81.3 crore. Fixed assets increased to Rs 3,567.25 crore as of 30 September 2023 from Rs 1,678.80 crore as of 30 September 2022. Intangible assets increased from Rs 12.24 crore to Rs 455.60 crore.
Profit before tax down 10.55% to Rs 289.89 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 95.81 crore, compared to Rs 82.84 crore. Effective tax rate was 33.05% compared to 25.56%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 19.55% to Rs 194.08 crore. Equity capital stood at Rs 16.47 crore as of 30 September 2023 to Rs 16.47 crore as of 30 September 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 57.86% as of 30 September 2023 ,compared to 57.86% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Gland Pharma has increased 35.81% to Rs 2582.12 crore.
Operating profit margin has declined from 29.81% to 23.94%, leading to 9.05% rise in operating profit to Rs 618.03 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.40% to 37.81%. Purchase of finished goods cost fell from 0.46% to 0.38%. Employee cost increased from 10.71% to 21.53%. Other expenses rose from 12.98% to 16.52%. Power and Oil fuel cost rose from 3.55% to 4.15%. Other income fell 35.22% to Rs 90.7 crore. PBIDT rose 0.28% to Rs 708.73 crore. Provision for interest rose 318.32% to Rs 10.96 crore. Loan funds rose to Rs 357.03 crore as of 30 September 2023 from Rs 4.54 crore as of 30 September 2022. Inventories rose to Rs 2,084.35 crore as of 30 September 2023 from Rs 1,559.74 crore as of 30 September 2022. Sundry debtors were higher at Rs 1,373.14 crore as of 30 September 2023 compared to Rs 1,201.19 crore as of 30 September 2022. Cash and bank balance declined from Rs 3,295.03 crore as of 30 September 2022 to Rs 2,144.73 crore as of 30 September 2023.
PBDT fell 0.91% to Rs 697.77 crore. Provision for depreciation rose 104.83% to Rs 146.62 crore. Fixed assets increased to Rs 3,567.25 crore as of 30 September 2023 from Rs 1,678.80 crore as of 30 September 2022. Intangible assets increased from Rs 12.24 crore to Rs 455.60 crore.
Profit before tax down 12.87% to Rs 551.15 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 162.97 crore, compared to Rs 162.17 crore. Effective tax rate was 29.57% compared to 25.64%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 17.48% to Rs 388.18 crore.
Equity capital stood at Rs 16.47 crore as of 30 September 2023 to Rs 16.47 crore as of 30 September 2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 57.86% as of 30 September 2023 ,compared to 57.86% as of 30 September 2022 .
Cash flow from operating activities increased to Rs 421.77 crore for YTD ended September 2023 from Rs 395.60 crore for YTD ended September 2022. Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 166.45 crore, compared to Rs 82.65 crore during the YTD ended September 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 Q2 FY24, USA
revenue increased 9%, Europe up 379%, other core markets (Canada, New zealand
and Australia) up 64%, India up 21% and ROW up 19% on YoY basis.
In H1 FY24, USA
revenue increased 2%, Europe up 402%, other core markets (Canada, New zealand
and Australia) up 31%, India up 23% and ROW up 72% on YoY basis.
During Q2FY24, Cenexi’s facilities were
not operational for four weeks due to the annual summer shutdown. To improve
the capacity and operational efficiencies, management will make approximately
Euro 60 million of Investment over the next 12 to 18 months.
The total R&D
expense for Q2 FY24 was Rs 35.1 crore which is 3% of revenue.
As of September 30, 2023, Gland, along
with its partners, had 336 ANDA filings in the United States, of which 275 were
approved and 61 were pending approvals. The Company has a total of 1,641
product registrations globally.
Total Capex incurred
during Sept 2023 quarter was Rs 97.1 crore.