For
the quarter ending sept 2022, consolidated net sales (including other operating income) of Gland Pharma has declined 3.34% to Rs 1044.4 crore compared to quarter ended sept 2021. Operating profit margin has declined from 34.85% to 28.42%, leading to 21.17% decline in operating profit to Rs 296.85 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 49.65% to 48.82%. Purchase of finished goods cost fell from 0.73% to 0.37%. Employee cost increased from 7.34% to 9.81%. Other expenses rose from 8.70% to 12.27%. Power and Oil fuel cost rose from 2.10% to 3.10%. Other income rose 28.16% to Rs 65.62 crore. PBIDT fell 15.27% to Rs 362.47 crore. Provision for interest rose 68.63% to Rs 1.72 crore. Loan funds declined from Rs 4.79 crore as of 30 September 2021 to Rs 4.54 crore as of 30 September 2022. Inventories rose to Rs 1,559.74 crore as of 30 September 2022 from Rs 1,460.52 crore as of 30 September 2021. Cash and bank balance rose to Rs 3,295.03 crore as of 30 September 2022 from Rs 2,852.65 crore as of 30 September 2021.
PBDT fell 15.47% to Rs 360.75 crore. Provision for depreciation rose 40.44% to Rs 36.67 crore. Fixed assets increased to Rs 1,678.80 crore as of 30 September 2022 from Rs 1,512.81 crore as of 30 September 2021. Intangible assets declined from Rs 12.83 crore to Rs 12.24 crore.
Profit before tax down 19.11% to Rs 324.08 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 82.84 crore, compared to Rs 98.58 crore. Effective tax rate was 25.56% compared to 24.60%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 20.14% to Rs 241.24 crore. Equity capital increased from Rs 16.42 crore as of 30 September 2021 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 2022 ,compared to 58.02% as of 30 September 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Gland Pharma has declined 14.91% to Rs 1901.3 crore.
Operating profit margin has declined from 36.38% to 29.81%, leading to 30.28% decline in operating profit to Rs 566.76 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.23% to 45.40%. Purchase of finished goods cost fell from 0.56% to 0.46%. Employee cost increased from 7.52% to 10.71%. Other expenses rose from 9.15% to 12.98%. Power and Oil fuel cost rose from 2.11% to 3.55%. Other income rose 23.87% to Rs 140.02 crore. PBIDT fell 23.67% to Rs 706.78 crore. Provision for interest rose 29.06% to Rs 2.62 crore. Loan funds declined from Rs 4.79 crore as of 30 September 2021 to Rs 4.54 crore as of 30 September 2022. Inventories rose to Rs 1,559.74 crore as of 30 September 2022 from Rs 1,460.52 crore as of 30 September 2021. Cash and bank balance rose to Rs 3,295.03 crore as of 30 September 2022 from Rs 2,852.65 crore as of 30 September 2021.
PBDT fell 23.78% to Rs 704.16 crore. Provision for depreciation rose 39.29% to Rs 71.58 crore. Fixed assets increased to Rs 1,678.80 crore as of 30 September 2022 from Rs 1,512.81 crore as of 30 September 2021. Intangible assets declined from Rs 12.83 crore to Rs 12.24 crore.
Profit before tax down 27.50% to Rs 632.58 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 162.17 crore, compared to Rs 219.77 crore. Effective tax rate was 25.64% compared to 25.19%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 27.93% to Rs 470.41 crore.
Equity capital increased from Rs 16.42 crore as of 30 September 2021 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 2022 ,compared to 58.02% as of 30 September 2021 .
Cash flow from operating activities increased to Rs 395.60 crore for YTD ended September 2022 from Rs 235.54 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 82.65 crore, compared to Rs 328.61 crore during the YTD ended September 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 Q2 FY23, core
markets (USA, Europe, Canada and Australia) grew 3% to Rs 747.5 crore, India growth
fell 42% to Rs 72.6 crore and ROW growth fell 3% to Rs 224.3 crore on YoY
basis.
In Q2 FY23, Core
markets of US, Europe, Canada, and Australia accounted for 72% of revenue,
India accounted 7% and ROW 21%.
The total R&D
expense for Q2 FY23 was Rs 41.4 crore which is 4% of revenue.
During the
quarter ended September 30, 2022, the Company has filed 6 ANDAs, 3 DMFs and
received 6 ANDA approvals.
Total Capex
incurred during the quarter ended sept 30, 2022, was Rs 41.1 crore. During
first half of the current financial year, total Capex incurred was Rs 82.5
crore.
The Company has
generated Rs 395 crore of cash flow from operations during first half of FY23.