Glenmark Pharmaceuticals Ltd on Friday reported an 18 per cent decline in consolidated net profit at ₹173.13 crore in the first quarter ended June 30, 2023, impacted by higher expenses.
Glenmark Pharmaceuticals Q1 2023 Financial Results Summary:
- Consolidated Net Profit Decline: Glenmark Pharmaceuticals Ltd reported an 18% decline in consolidated net profit for Q1 2023, amounting to ₹173.13 crore. This drop was attributed to increased expenses.
- Comparative Net Profit: In the same quarter of the previous fiscal year, the company had recorded a consolidated net profit of ₹211.1 crore, according to a regulatory filing.
- Revenue Increase: The consolidated total revenue from operations during the reviewed quarter was ₹3,401.6 crore, reflecting growth from ₹2,777.29 crore in the corresponding period of the previous year.
- Higher Total Expenses: Total expenses for Q1 2023 were reported at ₹3,037.05 crore, which was higher compared to ₹2,552.43 crore in the same quarter of the previous year.
- Sales Performance: Strong sales growth was driven by the company’s branded markets in the rest of the world (RoW) region. Glenmark’s Europe business also performed well due to a robust generics portfolio and continued market share gains in respiratory brands.
- Regional Performance: The North America business remained stable, and the India business significantly outperformed industry growth rates.
- Segment Sales: In India, sales from the formulation business in Q1 amounted to ₹1,064.3 crore, marking a 2.8% growth from ₹1,035.2 crore in the previous corresponding quarter. In North America, the sale of finished dosage formulations reached ₹808.5 crore, compared to ₹662.8 crore in the same period a year ago.
- Regional Revenues: The RoW region registered a revenue of ₹551.2 crore, surpassing ₹422.6 crore in the same quarter of the previous fiscal year. European operations revenue increased to ₹573.2 crore from ₹330 crore in the year-ago quarter.
Glenmark Pharmaceuticals’ Q1 2023 results show a decline in net profit but an increase in revenue, with strong sales growth in certain markets and regions. The company’s European operations and India business outperformed, while North America remained stable.
What mamagement Said:
“We delivered a strong double digit growth in our base business during the quarter excluding the impact of COVID-related products. Europe and ROW markets performed well despite the challenging macro-economic environment; and the India base business also recorded strong growth. We continued to make significant progress in our innovation pipeline; with Ryaltris getting approvals across newer markets, and novel molecule GRC 54276 getting approval for conducting Phase 1 Clinical Trial,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd. He further added, “Our goal is to continue growing our base business through new product launches in our key focus areas of Respiratory, Dermatology and Oncology. We remain on track to achieve our guidance for FY 2022-23.”
