Q4FY23 Quarterly & FY23 Annual Result Announced for Glenmark Life Sciences Ltd.
Pharmaceutical company Glenmark Life Sciences announced Q4FY23 & FY23 results: Q4FY23: Revenue from operations of Rs 6,213 million for Q4FY23, recording a strong growth of 14.9% QoQ and growth of 20.9% YoY Gross Margins for Q4FY23 were at 54.9%, up 390 bps QoQ and up 450 bps YoY Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for Q4FY23 was at Rs 2,092.7 million up 37.6% on QoQ and 42.1% YoY. EBITDA margins were at 33.7%, up 560 bps QoQ and up 500 bps YoY Profit After Tax (PAT) was at Rs 1,463.6 million in Q4FY23, registering a growth of 39.4% QoQ and 48% YoY. PAT Margin for the quarter was 23.6%. FY23: Revenue from operations for FY23 was at Rs 21,612 million, up 1.8% YoY EBITDA for FY23 was at Rs 6,712.5 million, up 6.4% YoY PAT for FY23 was at Rs 4,670 million, up 11.5% YoY R&D; expenditure for FY23 was at Rs 652 million, 3.0% of sales Capital expenditure for FY23 was at Rs 1,702 million Healthy cash generation from operation at Rs 3,134 million with free Cash flow of Rs. 1,432 million ROICE (adjusted for Cash and CWIP) was 33.5% for FY23 and the Fixed assets turnover ratio at ~3x Commenting on the company’s performance Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences said, “At Glenmark Life Sciences we have concluded the financial year 2023 on a high note delivering revenue from operations of Rs 621 crore which grew by 15% on sequential basis and 21% YoY. The growth was driven by strong momentum in the Generic API business as well as significant recovery in demand in the CDMO business. Going forward we shall continue to focus on our strategy to prioritize investment into our growth pillars, build a strong pipeline of products and scale up our business to deliver sustainable long-term growth.” Tushar Mistry, CFO, Glenmark Life Sciences Limited said, “It gives me pleasure to inform you that our strong growth was accompanied by better margins driven by higher contribution from CDMO business, better product mix, PLI benefit and lower input costs. On the balance sheet part, working capital has eased off during the quarter driven by lower inventory levels compared to previous quarter as well as higher payable days. Our cash generation remains strong during FY23 leading to stable debt free balance sheet with healthy cash.” Result PDF27-04-2023
