Q2FY23 Quarterly Result Announced for Glenmark Life Sciences Ltd.
Pharmaceutical firm Glenmark Life Sciences announced Q2FY23 results: GLS registered revenue from operations of Rs 5,093 million for Q2 FY23, recording a growth of 4% QoQ and de-growth 4% (ex-covid) over a higher base of Q2 FY22 Gross Margins for the quarter were at 52.9%, up 120 bps YoY driven by a better product mix and PLI scheme benefit Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) was at Rs 1,537 million for Q2 FY23 with margins steady at 30.2% Profit After Tax (PAT) for the quarter was at Rs 1,069 million in Q2 FY23, registering a de-growth of 7.2% YoY. PAT Margin for the quarter was at 21% up by 50bps YoY Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences Limited said, “I am pleased to share that despite global uncertainties, the Company exhibited growth on a sequential basis. External businesses (ex-GPL) was the key driver for this quarter, growing 13% YoY basis and 16% QoQ. India, LATAM, and Japan drove the growth during the quarter. The CDMO business also showed momentum, posting 27% growth QoQ. ” Dr. Rawjee further added, “I am happy to announce that we have completed the Dahej Capex and commenced commercial production from the third quarter. The new capacity will help us achieve the next leg of growth in the coming years. We remain confident of growing steadily in coming quarters with our differentiated products and wide geographical reach.” Tushar Mistry, CFO, of Glenmark Life Sciences Limited said, “The revenue for this quarter registered a 4% sequential growth despite a substantial degrowth in the GPL business. EBITDA margins at 30.2% was steady. The resilient margin profile in the face of global uncertainties has come on the back of continuous focus on cost improvement programs, efficient supply chain management and the intrinsic fact that our products are high-value niche molecules. With all the planned capex in place, the company is uniquely positioned to address the opportunities with its differentiated product offerings across a wide geography.” Result PDF21-10-2022