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For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of Gland Pharma has increased 64.68% to Rs 1545.16 crore compared to quarter ended Dec 2022. Operating profit margin has declined from 30.86% to 23.06%, leading to 23.08% rise in operating profit to Rs 356.39 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.68% to 32.76%. Purchase of finished goods cost rose from 0.41% to 0.45%. Employee cost increased from 10.67% to 24.38%. Other expenses rose from 12.71% to 17.24%. Power and Oil fuel cost rose from 3.08% to 4.52%. Other income fell 39.21% to Rs 37.39 crore. PBIDT rose 12.16% to Rs 393.78 crore. Provision for interest rose 101.53% to Rs 5.28 crore. PBDT rose 11.49% to Rs 388.5 crore. Provision for depreciation rose 180.09% to Rs 105.34 crore. Profit before tax down 8.91% to Rs 283.16 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 91.3 crore, compared to Rs 78.9 crore. Effective tax rate was 32.24% compared to 25.38%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 17.28% to Rs 191.86 crore. Promoters’ stake was 57.86% as of 31 December 2023 ,compared to 57.86% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Gland Pharma has increased 45.35% to Rs 4127.27 crore. Operating profit margin has declined from 30.16% to 23.61%, leading to 13.79% rise in operating profit to Rs 974.42 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.50% to 36.03%. Purchase of finished goods cost fell from 0.44% to 0.41%. Employee cost increased from 10.69% to 22.53%. Other expenses rose from 12.89% to 16.77%. Power and Oil fuel cost rose from 3.39% to 4.28%. Other income fell 36.44% to Rs 128.09 crore. PBIDT rose 4.22% to Rs 1102.51 crore. Provision for interest rose 209.92% to Rs 16.24 crore. PBDT rose 3.20% to Rs 1086.27 crore. Provision for depreciation rose 130.75% to Rs 251.96 crore. Profit before tax down 11.57% to Rs 834.31 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 254.27 crore, compared to Rs 241.07 crore. Effective tax rate was 30.48% compared to 25.55%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 17.42% to Rs 580.04 crore. Promoters’ stake was 57.86% as of 31 December 2023 ,compared to 57.86% as of 31 December 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 Q3 FY24, USA
revenue increased 41%, Europe up 435%, other core markets (Canada, New zealand
and Australia) up 101%, India fell 7% and ROW up 46% on YoY basis.
In 9M FY24, USA
revenue increased 14%, Europe up 415%, other core markets (Canada, New zealand
and Australia) up 51%, India up 11% and ROW up 63% on YoY basis.
For Q3 FY24, Cenexi reported a revenue of
Rs 4439 million with a gross contribution of 75% and a negative EBITDA of Rs
170 million.
In 9M FY24, capex was Rs 246.7 crore.
The total R&D
expense for Q3 FY24 was Rs 53 crore which is 5% of revenue.
As of December 31, 2023, Gland and its
partners filed 346 ANDAs in the United States, 279 of which were approved and
67 unresolved.
Management Comments :
Mr. Srinivas Sadu, MD & CEO of Gland
Pharma, said: “With strong results in the third quarter, we continued our
positive momentum for the fiscal year. Our consolidated Q3 FY24 reported sales
of INR 15,452 million, reflecting a quarter-on-quarter increase of 13% and a
year-on-year increase of 65%. We achieved a consolidated EBITDA of INR 3,557
million and a consolidated net profit of INR 1,919 million. In the ex-Cenexi
base business, we are happy to keep up with the growth aspirations, and the
performance has been encouraging with the introduction of new products and
improved volumes of the current basket. In the Cenexi business, we reported a
negative EBITDA of INR 170 million, largely due to one-off expenses, which, if
adjusted, would have resulted in a break-even at the operational level. Our
post-merger integration review is now mostly complete, and we have identified
areas where Cenexi would need investments and significant improvements. Our
partner order book is healthy, and we have significant opportunities through
the signed contracts to play out long-term growth. However, in the near term,
we continue to face issues with operational performance, leading us to
rebalance our capacity and shift certain products to different lines, which
will take time due to regulatory processes. We target realizing our acquisition
thesis over the next 12–15 months. Overall, we are confident that we will end
FY24 on a high note and continue to be excited about the opportunities ahead of
us.”
| Gland Pharma : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,545.16 | 938.29 | 64.68 | 4,127.27 | 2,839.59 | 45.35 | 3,624.60 | 4,400.71 | -17.64 | | OPM (%) | 23.06 | 30.86 | -780 bps | 23.61 | 30.16 | -655 bps | 28.27 | 34.32 | -604 bps | | OP | 356.39 | 289.57 | 23.08 | 974.42 | 856.34 | 13.79 | 1,024.77 | 1,510.15 | -32.14 | | Other Inc. | 37.39 | 61.51 | -39.21 | 128.09 | 201.52 | -36.44 | 240.46 | 223.94 | 7.38 | | PBIDT | 393.78 | 351.08 | 12.16 | 1,102.51 | 1,057.86 | 4.22 | 1,265.23 | 1,734.09 | -27.04 | | Interest | 5.28 | 2.62 | 101.53 | 16.24 | 5.24 | 209.92 | 7.45 | 5.24 | 42.18 | | PBDT | 388.50 | 348.46 | 11.49 | 1,086.27 | 1,052.62 | 3.20 | 1,257.78 | 1,728.85 | -27.25 | | Depreciation | 105.34 | 37.61 | 180.09 | 251.96 | 109.19 | 130.75 | 146.74 | 110.3 | 33.04 | | PBT | 283.16 | 310.85 | -8.91 | 834.31 | 943.43 | -11.57 | 1111.04 | 1618.55 | -31.36 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 283.16 | 310.85 | -8.91 | 834.31 | 943.43 | -11.57 | 1111.04 | 1618.55 | -31.36 | | EO Income | 0 | 0 | - | 0 | 0 | - | -56.46 | 0 | - | | PBT after EO | 283.16 | 310.85 | -8.91 | 834.31 | 943.43 | -11.57 | 1054.58 | 1618.55 | -34.84 | | Taxation | 91.3 | 78.9 | 15.72 | 254.27 | 241.07 | 5.48 | 273.54 | 406.89 | -32.77 | | PAT | 191.86 | 231.95 | -17.28 | 580.04 | 702.36 | -17.42 | 781.04 | 1211.66 | -35.54 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 191.86 | 231.95 | -17.28 | 580.04 | 702.36 | -17.42 | 781.04 | 1211.66 | -35.54 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 191.86 | 231.95 | -17.28 | 580.04 | 702.36 | -17.42 | 781.04 | 1211.66 | -35.54 | | EPS (Rs)* | 11.65 | 14.08 | -17.28 | 35.22 | 42.64 | -17.42 | 49.96 | 73.57 | -32.09 | | | * EPS is on current equity of Rs 16.47 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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