Profit before tax declined 8.90% to Rs 283.16 crore in Q3 FY24 as compared with Rs 310.85 crore in Q3 FY23.

EBITDA stood at Rs 355.70 crore in Q3 FY24, up 23% as compared with Rs 289.60 crore posted in same quarter last year. EBITDA margin stood at 23% in Q3 FY24 as against 31% in Q3 FY23.

The company's revenue from US market stood at Rs 821.60 crore (up 41% YoY), Europe was at Rs 325.10 crore (up 435% YoY), Canada, Australia and New Zealand revenue stood at Rs 38.20 crore (up 101% YoY), revenue from India stood at Rs 76.10 crore (down 7% YoY) and revenue from rest of the world was at Rs 284.20 crore (up 46% YoY) during the period under review.

Total R&D expenses for Q3 FY24 were Rs 53 crore, which was 3% of operating revenue.

During the quarter, the company filed 10 ANDAs and received 3 ANDAs approvals. As of 31 December 2023, Gland and its partners filed 346 ANDAs in the United States, 279 of which were approved and 67 pending approval.

Total Capex incurred during the quarter ended December 2023, was Rs 81 crore.

During Q3 FY24, Cenexi reported revenue of Rs 443.90 crore with a gross contribution of 75% and a negative EBITDA of Rs 44.39 crore.

“Reasonable confidence in Cenexi's current clientele and the partners' commitment for the long term. As for expansion, we have a solid order book of new programs that have been signed and are currently in various stages of tech transfer and approval,” the company stated in press release.

Srinivas Sadu, MD & CEO, Gland Pharma, said, “With strong results in the third quarter, we continued our positive momentum for the fiscal year. In the ex-Cenexi base business, we are happy to keep up with the growth aspirations, and the performance has been encouraging with the introduction of new products and improved volumes of the current basket.

In the Cenexi business, we reported a negative EBITDA of INR 170 million, largely due to one-off expenses, which, if adjusted, would have resulted in a break-even at the operational level.

In the near term, we continue to face issues with operational performance, leading us to rebalance our capacity and shift certain products to different lines, which will take time due to regulatory processes. We target realizing our acquisition thesis over the next 12–15 months. Overall, we are confident that we will end FY24 on a high note and continue to be excited about the opportunities ahead of us.”

Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India, and other markets. It has a wide range of injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, oncology, and ophthalmic solutions. The company also pioneered Heparin technology in India.