For the
quarter ending June 2022, consolidated net sales (including other operating income) of Gland Pharma has declined 25.74% to Rs 856.9 crore compared to quarter ending June 2021.
Operating profit margin has declined from 37.81% to 31.50%, leading to 38.13% decline in operating profit to Rs 269.92 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.48% to 41.14%. Purchase of finished goods cost rose from 0.38% to 0.57%. Employee cost increased from 7.72% to 11.83%. Other expenses rose from 9.63% to 13.87%. Power and Oil fuel cost rose from 2.13% to 4.11%. Other income rose 20.29% to Rs 74.39 crore. PBIDT fell 30.88% to Rs 344.31 crore. Provision for interest fell 10% to Rs 0.9 crore. PBDT fell 30.92% to Rs 343.41 crore. Provision for depreciation rose 38.09% to Rs 34.91 crore. Profit before tax down 34.62% to Rs 308.50 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 79.33 crore, compared to Rs 121.19 crore. Effective tax rate was 25.71% compared to 25.68%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 34.64% to Rs 229.17 crore. Promoters’ stake was 57.87% as of 30 June 2022 ,compared to 58.14% as of 30 June 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 . Cash flow from operating activities increased to Rs 790.77 crore for year ended March 2022 from Rs 604.93 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 522.12 crore, compared to Rs 228.78 crore during the year ended March 2021.
Other Highlights
In Q1 FY23, core markets
(USA, Europe, Canada and Australia) de grew 6% to Rs 705.6 crore, India growth
fell 72% to Rs 51 crore and ROW growth fell 55% to Rs 100.2 crore on YoY basis.
Core markets of US, Europe,
Canada, and Australia accounted for 82% of revenue during Q1FY23 as compared to
65% in Q1FY22.
India market accounts for 6%
of Q1FY23 revenue as compared to 16% in Q1FY22. India B2B sales were impacted
due to planned shutdown of Insulin line during the quarter and higher sales of
COVID drugs like Remdesivir and Enoxaparin Injection during the same quarter of
last year.
The total R&D expense
for Q1 FY23 was Rs 41 crore which is 4.8% of revenue.
As of Jun 30, 2022, company
along with its partners had 316 ANDA filings in the United States, of which 255
were approved and 61 pending approvals. The Company has total 1,567 product
registrations globally.
Total Capex incurred during
the quarter ended June 30, 2022, was Rs 41.4 crore.
The Company has generated Rs
332.8 crore of cash flow from operations during Q1FY23.
Management Comments :
Mr. Srinivas Sadu, MD &
CEO of Gland Pharma said “While market demand for our products remained strong,
continuing supply disruptions in the midst of challenging macro environment has
impacted our growth for the first quarter of fiscal 2023. The revenue for the
quarter stood at Rs 8,569 Mn and our PAT stood at Rs 2,292 Mn. We ensured
timely new product launches which is key to our sustainable business growth. In
spite of pricing pressure in the US market and inflationary costs, we managed
to improve our margin. We are continuously investing into our people,
infrastructure and portfolio to expand our global footprint.”
| Gland Pharma : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 856.90 | 1,153.90 | -25.74 | 4,400.71 | 3,462.88 | 27.08 | | OPM (%) | 31.50 | 37.81 | -631 bps | 34.32 | 37.61 | -329 bps | | OP | 269.92 | 436.28 | -38.13 | 1,510.15 | 1,302.22 | 15.97 | | Other Inc. | 74.39 | 61.84 | 20.29 | 223.94 | 134.78 | 66.15 | | PBIDT | 344.31 | 498.12 | -30.88 | 1,734.09 | 1,437.00 | 20.67 | | Interest | 0.90 | 1.00 | -10.00 | 5.24 | 3.41 | 53.67 | | PBDT | 343.41 | 497.12 | -30.92 | 1,728.85 | 1,433.59 | 20.60 | | Depreciation | 34.91 | 25.28 | 38.09 | 110.3 | 98.78 | 11.66 | | PBT | 308.50 | 471.84 | -34.62 | 1618.55 | 1334.81 | 21.26 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 308.5 | 471.84 | -34.62 | 1618.55 | 1334.81 | 21.26 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 308.5 | 471.84 | -34.62 | 1618.55 | 1334.81 | 21.26 | | Taxation | 79.33 | 121.19 | -34.54 | 406.89 | 337.85 | 20.44 | | PAT | 229.17 | 350.65 | -34.64 | 1211.66 | 996.96 | 21.54 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 229.17 | 350.65 | -34.64 | 1211.66 | 996.96 | 21.54 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 229.17 | 350.65 | -34.64 | 1211.66 | 996.96 | 21.54 | | EPS (Rs)* | 13.92 | 21.30 | -34.64 | 73.59 | 60.55 | 21.54 | | | * 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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