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For
the quarter ending March 2024, consolidated net sales (including other operating income) of Gland Pharma has increased 95.85% to Rs 1537.45 crore compared to quarter ended March 2023. Operating profit margin has jumped from 21.45% to 23.33%, leading to 112.96% rise in operating profit to Rs 358.65 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.87% to 37.82%. Purchase of finished goods cost rose from 0.37% to 0.44%. Employee cost increased from 11.93% to 23.14%. Other expenses fell from 17.28% to 14.99%. Power and Oil fuel cost rose from 3.42% to 3.81%. Other income rose 8.24% to Rs 42.15 crore. PBIDT rose 93.30% to Rs 400.8 crore. Provision for interest rose 352.73% to Rs 9.96 crore. Loan funds rose to Rs 372.17 crore as of 31 March 2024 from Rs 4.45 crore as of 31 March 2023. Inventories declined from Rs 1,945.30 crore as of 31 March 2023 to Rs 1,655.24 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,558.69 crore as of 31 March 2024 compared to Rs 871.39 crore as of 31 March 2023. Cash and bank balance declined from Rs 3,770.68 crore as of 31 March 2023 to Rs 1,839.43 crore as of 31 March 2024. PBDT rose 90.51% to Rs 390.84 crore. Provision for depreciation rose 146.70% to Rs 92.61 crore. Fixed assets increased to Rs 3,942.37 crore as of 31 March 2024 from Rs 1,736.10 crore as of 31 March 2023. Intangible assets increased from Rs 11.66 crore to Rs 242.26 crore. Profit before tax grew 77.93% to Rs 298.23 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 105.81 crore, compared to Rs 32.47 crore. Effective tax rate was 35.48% compared to 29.21%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 144.56% to Rs 192.42 crore. Equity capital stood at Rs 16.47 crore as of 31 March 2024 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 2024 ,compared to 57.86% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Gland Pharma has increased 56.29% to Rs 5664.72 crore. Operating profit margin has declined from 28.27% to 23.53%, leading to 30.08% rise in operating profit to Rs 1,333.07 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.76% to 36.52%. Employee cost increased from 10.98% to 22.70%. Other expenses rose from 13.92% to 16.28%. Power and Oil fuel cost rose from 3.40% to 4.15%. Other income fell 29.20% to Rs 170.24 crore. PBIDT rose 18.82% to Rs 1503.31 crore. Provision for interest rose 251.68% to Rs 26.2 crore. Loan funds rose to Rs 372.17 crore as of 31 March 2024 from Rs 4.45 crore as of 31 March 2023. Inventories declined from Rs 1,945.30 crore as of 31 March 2023 to Rs 1,655.24 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,558.69 crore as of 31 March 2024 compared to Rs 871.39 crore as of 31 March 2023. Cash and bank balance declined from Rs 3,770.68 crore as of 31 March 2023 to Rs 1,839.43 crore as of 31 March 2024. PBDT rose 17.44% to Rs 1477.11 crore. Provision for depreciation rose 134.82% to Rs 344.57 crore. Fixed assets increased to Rs 3,942.37 crore as of 31 March 2024 from Rs 1,736.10 crore as of 31 March 2023. Intangible assets increased from Rs 11.66 crore to Rs 242.26 crore. Profit before tax grew 1.94% to Rs 1,132.54 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 360.08 crore, compared to Rs 273.54 crore. Effective tax rate was 31.79% compared to 25.94%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 1.10% to Rs 772.46 crore. Equity capital stood at Rs 16.47 crore as of 31 March 2024 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 2024 ,compared to 57.86% as of 31 March 2023 . Cash flow from operating activities increased to Rs 996.80 crore for year ended March 2024 from Rs 363.97 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 398.26 crore, compared to Rs 223.12 crore during the year ended March 2023. Other Highlights
The board recommended
a final dividend of Rs 20 per equity share of Re 1 each for the financial year
2023-24. The Record Date for the purpose is 16 Aug
2024.
In Q4 FY24, USA
revenue increased 83%, Europe up 727%, other core markets (Canada, New zealand
and Australia) up 58%, India fell 19% and ROW up 64% on YoY basis.
In FY24, USA
revenue increased 27%, Europe up 469%, other core markets (Canada, New zealand
and Australia) up 54%, India up 12% and ROW up 63% on YoY basis.
In FY24, USA
contributed 54% to total revenue, India 5%, Europe 19%, Canada 2%, Australia 1%
and ROW 19%.
Total Capex incurred during the quarter was
Rs 150.7 crore, and for FY24 was Rs 397.5 crore.
The total R&D
expense for Q4 FY24 was Rs 43.6 crore.
Regulatory
filings: 4 ANDAs filed, 6 ANDAs approved in Q4FY24,
19 ANDAs filed, 24 ANDAs approved in FY24.
Management Comments :
Mr. Srinivas Sadu, MD & CEO of Gland
Pharma, said: “We are delighted to close out the last quarter and FY24 with
positive results. This year marked a significant rebound for our base business,
and we began an exciting new chapter as we completed our first international
acquisition, Cenexi, in Europe. Despite the dynamic business landscape, we`ve
shown resilience and delivered a performance that positions us well for
continued growth and success. We see continued momentum in this segment and are
optimistic about its future opportunities. The strategic rationale behind
Cenexi’s acquisition remains intact, and we expect it to deliver significant
value as we move forward.”
| Gland Pharma : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,537.45 | 785.01 | 95.85 | 5,664.72 | 3,624.60 | 56.29 | | OPM (%) | 23.33 | 21.45 | 187 bps | 23.53 | 28.27 | -474 bps | | OP | 358.65 | 168.41 | 112.96 | 1,333.07 | 1,024.77 | 30.08 | | Other Inc. | 42.15 | 38.94 | 8.24 | 170.24 | 240.46 | -29.20 | | PBIDT | 400.80 | 207.35 | 93.30 | 1,503.31 | 1,265.23 | 18.82 | | Interest | 9.96 | 2.20 | 352.73 | 26.20 | 7.45 | 251.68 | | PBDT | 390.84 | 205.15 | 90.51 | 1,477.11 | 1,257.78 | 17.44 | | Depreciation | 92.61 | 37.54 | 146.70 | 344.57 | 146.74 | 134.82 | | PBT | 298.23 | 167.61 | 77.93 | 1132.54 | 1111.04 | 1.94 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 298.23 | 167.61 | 77.93 | 1132.54 | 1111.04 | 1.94 | | EO Income | 0 | -56.46 | - | 0 | -56.46 | - | | PBT after EO | 298.23 | 111.15 | 168.31 | 1132.54 | 1054.58 | 7.39 | | Taxation | 105.81 | 32.47 | 225.87 | 360.08 | 273.54 | 31.64 | | PAT | 192.42 | 78.68 | 144.56 | 772.46 | 781.04 | -1.10 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 192.42 | 78.68 | 144.56 | 772.46 | 781.04 | -1.10 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 192.42 | 78.68 | 144.56 | 772.46 | 781.04 | -1.10 | | EPS (Rs)* | 11.68 | 7.20 | 62.17 | 46.90 | 49.96 | -6.12 | | | * 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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