For
the quarter ending Dec 2022, consolidated Net sales (including other operating income) of Gland Pharma has declined 11.76% to Rs 938.29 crore compared to quarter ended Dec 2021. Operating profit margin has declined from 32.81% to 30.86%, leading to 17% decline in operating profit to Rs 289.57 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.14% to 45.68%. Purchase of finished goods cost fell from 0.46% to 0.41%. Employee cost increased from 7.91% to 10.67%. Other expenses rose from 12.59% to 12.71%. Power and Oil fuel cost rose from 2.35% to 3.08%. Other income rose 34.68% to Rs 61.51 crore. PBIDT fell 11.02% to Rs 351.08 crore. Provision for interest rose 122.03% to Rs 2.62 crore.
PBDT fell 11.42% to Rs 348.46 crore. Provision for depreciation rose 35.14% to Rs 37.61 crore.
Profit before tax down 14.97% to Rs 310.85 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 78.9 crore, compared to Rs 92.53 crore. Effective tax rate was 25.38% compared to 25.31%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 15.05% to Rs 231.95 crore. Promoters’ stake was 57.86% as of 31 December 2022 ,compared to 58.00% as of 31 December 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Gland Pharma has declined 13.89% to Rs 2839.59 crore.
Operating profit margin has declined from 35.23% to 30.16%, leading to 26.29% decline in operating profit to Rs 856.34 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 45.20% to 45.50%. Purchase of finished goods cost fell from 0.53% to 0.44%. Employee cost increased from 7.65% to 10.69%. Other expenses rose from 10.26% to 12.89%. Power and Oil fuel cost rose from 2.19% to 3.39%. Other income rose 26.98% to Rs 201.52 crore. PBIDT fell 19.89% to Rs 1057.86 crore. Provision for interest rose 63.24% to Rs 5.24 crore.
PBDT fell 20.09% to Rs 1052.62 crore. Provision for depreciation rose 37.83% to Rs 109.19 crore.
Profit before tax down 23.80% to Rs 943.43 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 241.07 crore, compared to Rs 312.31 crore. Effective tax rate was 25.55% compared to 25.23%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 24.13% to Rs 702.36 crore.
Promoters’ stake was 57.86% as of 31 December 2022 ,compared to 58.00% as of 31 December 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 Q3 FY23, core
markets (USA, Europe, Canada and Australia) fell 11% to Rs 662.6 crore, India growth
fell 32% to Rs 81.4 crore and ROW growth fell 4% to Rs 194.3 crore on YoY
basis.
In 9M FY23, core
markets (USA, Europe, Canada and Australia) fell 4% to Rs 2115.8 crore, India growth
fell 52% to Rs 205 crore and ROW growth fell 21% to Rs 518.8 crore on YoY
basis.
In Q3 FY23, Core
markets of US, Europe, Canada, and Australia accounted for 70% of revenue,
India accounted 9% and ROW 21%.
The total R&D
expense for Q3 FY23 was Rs 51.2 crore which is 5.5% of revenue.
During the
quarter ended Dec 2022, the Company has filed 8 ANDAs and received 4 ANDA
approvals.
Total Capex incurred
during the quarter was Rs 42.7 crore. During nine months, ended December 31, 2022,
total Capex incurred was Rs 125.3 crore.