For the
quarter ending March 2022, consolidated net sales (including other operating income) of Gland Pharma has increased 24.25% to Rs 1103.01 crore compared to quarter ended march 2021.
Operating profit margin has declined from 36.91% to 31.58%, leading to 6.31% rise in operating profit to Rs 348.36 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 46.93% to 51.56%. Purchase of finished goods cost rose from 0.44% to 0.75%. Employee cost decreased from 8.30% to 8.06%. Other expenses rose from 9.57% to 9.84%. Power and Oil fuel cost rose from 2.04% to 2.15%. Other income rose 38.17% to Rs 65.23 crore. PBIDT rose 10.33% to Rs 413.59 crore. Provision for interest rose 99.02% to Rs 2.03 crore. Loan funds declined from Rs 5.00 crore as of 31 March 2021 to Rs 4.74 crore as of 31 March 2022. Inventories declined from Rs 1,275.17 crore as of 31 March 2021 to Rs 1,185.67 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,198.78 crore as of 31 March 2022 compared to Rs 670.97 crore as of 31 March 2021. Cash and bank balance rose to Rs 3,093.44 crore as of 31 March 2022 from Rs 3,005.75 crore as of 31 March 2021. PBDT rose 10.08% to Rs 411.56 crore. Provision for depreciation rose 24.72% to Rs 31.08 crore. Fixed assets increased to Rs 1,680.40 crore as of 31 March 2022 from Rs 1,292.04 crore as of 31 March 2021. Profit before tax grew 9.04% to Rs 380.48 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 94.58 crore, compared to Rs 88.53 crore. Effective tax rate was 24.86% compared to 25.37%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 9.79% to Rs 285.90 crore. Equity capital increased from Rs 16.36 crore as of 31 March 2021 to Rs 16.43 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00. Promoters’ stake was 58.00% as of 31 March 2022 ,compared to 58.25% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Gland Pharma has increased 27.08% to Rs 4400.71 crore. Operating profit margin has declined from 37.61% to 34.32%, leading to 15.97% rise in operating profit to Rs 1,510.15 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 46.81% to 46.90%. Purchase of finished goods cost rose from 0.43% to 0.59%. Employee cost decreased from 8.33% to 7.76%. Other expenses rose from 9.57% to 10.15%. Power and Oil fuel cost rose from 2.00% to 2.18%. Other income rose 66.15% to Rs 223.94 crore. PBIDT rose 20.67% to Rs 1734.09 crore. Provision for interest rose 53.67% to Rs 5.24 crore. Loan funds declined from Rs 5.00 crore as of 31 March 2021 to Rs 4.74 crore as of 31 March 2022. Inventories declined from Rs 1,275.17 crore as of 31 March 2021 to Rs 1,185.67 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,198.78 crore as of 31 March 2022 compared to Rs 670.97 crore as of 31 March 2021. Cash and bank balance rose to Rs 3,093.44 crore as of 31 March 2022 from Rs 3,005.75 crore as of 31 March 2021. PBDT rose 20.60% to Rs 1728.85 crore. Provision for depreciation rose 11.66% to Rs 110.3 crore. Fixed assets increased to Rs 1,680.40 crore as of 31 March 2022 from Rs 1,292.04 crore as of 31 March 2021. Profit before tax grew 21.26% to Rs 1,618.55 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 406.89 crore, compared to Rs 337.85 crore. Effective tax rate was 25.14% compared to 25.31%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 21.54% to Rs 1,211.66 crore. Equity capital increased from Rs 16.36 crore as of 31 March 2021 to Rs 16.43 crore as of 31 March 2022. Per share face Value remained same at Rs 1.00. Promoters’ stake was 58.00% as of 31 March 2022 ,compared to 58.25% as of 31 March 2021 .
Other Highlights
In Q4 FY22, core markets
(USA, Europe, Canada and Australia) grew 8% to Rs 711 crore, India grew 137% to
Rs 201.8 crore and ROW grew 32% to Rs 190.2 crore on YoY basis.
In FY22, core markets (USA,
Europe, Canada and Australia) grew 16% to Rs 2924.8 crore, India grew 60% to Rs
627.8 crore and ROW grew 55% to Rs 848.1 crore on YoY basis.
The total R&D expense
for Q4FY22 was Rs 55.9 crore which is 5.1% of revenue and for FY22 the total
R&D expense was Rs 227.3 crore which is 5.2% of revenue.
During the quarter ended
March 31, 2022, the Company has filed 2 ANDAs (Abbreviated New Drug
Application), and received 3 ANDA approvals. During financial year 2022, the
Company has filed 29 ANDAs, 11 DMFs (Drug master files) and received 19 ANDA
approvals
Total Capex incurred during
the quarter ended March 31, 2022 was Rs 67.4 crore. During the financial year,
the Company incurred Capex of Rs 522.1 crore.
For FY22, India sales stood
at 14% of its revenue, USA 59%, ROW 20%, Canada 2% and Europe 5%.
Management Comments :
Mr. Srinivas Sadu, MD & CEO of Gland Pharma said “Our
foray into Biosimilar/Biologics CDMO business during FY22 was a key strategic
initiative to transform Gland Pharma into a full-fledged CDMO company both in
Small and Large Molecules. It positions us for long-term growth and value
creation for our stakeholders. We reported a strong revenue growth of 24% for
Q4FY22 at ?11,030 mn driven by growth across
all geographies. On a full- year basis, we delivered revenue of ?44,007 mn, a growth of 27% and reported a PAT growth of 22% at
?12,117 mn with PAT margin at 26%. Our Gross R&D
spend for the year of ?2,273 mn is about 5.2% of revenue. Our
investments in R&D are in line with our strategy to expand our
product portfolio into complex injectables, we made 29 ANDA filings during the
year up from 20 ANDA filings the previous year. We also started our new R&D
centre to expand our development capabilities during the year.”
| Gland Pharma : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,103.01 | 887.75 | 24.25 | 4,400.71 | 3,462.88 | 27.08 | | OPM (%) | 31.58 | 36.91 | -533 bps | 34.32 | 37.61 | -329 bps | | OP | 348.36 | 327.67 | 6.31 | 1,510.15 | 1,302.22 | 15.97 | | Other Inc. | 65.23 | 47.21 | 38.17 | 223.94 | 134.78 | 66.15 | | PBIDT | 413.59 | 374.88 | 10.33 | 1,734.09 | 1,437.00 | 20.67 | | Interest | 2.03 | 1.02 | 99.02 | 5.24 | 3.41 | 53.67 | | PBDT | 411.56 | 373.86 | 10.08 | 1,728.85 | 1,433.59 | 20.60 | | Depreciation | 31.08 | 24.92 | 24.72 | 110.3 | 98.78 | 11.66 | | PBT | 380.48 | 348.94 | 9.04 | 1618.55 | 1334.81 | 21.26 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 380.48 | 348.94 | 9.04 | 1618.55 | 1334.81 | 21.26 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 380.48 | 348.94 | 9.04 | 1618.55 | 1334.81 | 21.26 | | Taxation | 94.58 | 88.53 | 6.83 | 406.89 | 337.85 | 20.44 | | PAT | 285.9 | 260.41 | 9.79 | 1211.66 | 996.96 | 21.54 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 285.9 | 260.41 | 9.79 | 1211.66 | 996.96 | 21.54 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 285.9 | 260.41 | 9.79 | 1211.66 | 996.96 | 21.54 | | EPS (Rs)* | 17.37 | 15.82 | 9.79 | 73.62 | 60.58 | 21.54 | | | * EPS is on current equity of Rs 16.46 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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