Profit before tax declined 10.55% to Rs 289.88 crore in Q2 FY24 as compared with Rs 324.08 crore in Q2 FY23.

EBITDA stood at Rs 320.5 crore in Q2 FY24, up 8% as compared with Rs 296.9 crore posted in same quarter last year. EBITDA margin stood at 23% in Q2 FY24 as against 28% in Q2 FY23.

The company's revenue from US market stood at Rs 735.4 crore (up 9% YoY), Europe was at Rs 248.8 crore (up 379% YoY), Canada, Australia and New Zealand revenue stood at Rs 35.6 crore (up 64% YoY), revenue from India stood at Rs 87.6 crore (up 21% YoY) and revenue from rest of the world was at Rs 266.0 crore (up 19% YoY) during the period under review.

During Q2 FY24, Cenexi’s facilities were not operational for four weeks due to the annual summer shutdown. The company said that to improve the capacity and operational efficiencies, approximately Euro 60 million of investment will be made over the next 12 to 18 months.

Total R&D expenses for Q2 FY24 were Rs 35.1 crore , which was 3% of operating revenue

During the quarter, the company filed 1 ANDAs and received 5 ANDAs approvals. As on 30 September 2023, the company along with its partners has filed 336 ANDAs in the United States, which of 275 were approved and 61 unresolved. The company has a total of 1,641 product registrations globally.

Total Capex incurred during the quarter ended September 2023, was Rs 97.1 crore. Pricing and market share trends have shown encouraging indicators of normalization in our key products, notably in the United States, contributing to our revenue growth.

Srinivas Sadu, MD & CEO of Gland Pharma said: “Pricing and market share trends have shown encouraging indicators of normalization in our key products, contributing to our revenue growth. The overall business stability is restoring confidence, and we stay optimistic about future growth with the forthcoming launches, portfolio expansion, and entry into new markets via a partner-led strategy.

considering the annual summer shutdown in France & Belgium, revenues at Cenexi are in line with our estimates; However, the gross contribution margins saw a sequential improvement. Cenexi remains a strategic asset with a distinctive acquisition thesis, and we are committed to instituting effective measures and new investments to optimize operations and deliver long-term value to our shareholders.”

Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India, and other markets. It has a wide range of injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, oncology, and ophthalmic solutions. The company also pioneered Heparin technology in India.

The scrip rallied 4.17% to Rs 1,640.50 on the BSE.