Glenmark Pharma Q1 Results: 19% decline in consolidated net profit at Rs 173.1 crore

For the first quarter that ended June 30, 2023, Glenmark Pharmaceuticals Ltd. reported a consolidated net profit of Rs 173.1 crore, a 19% YoY reduction.

Glenmark Pharmaceuticals had a net profit of Rs 211.1 crore for the comparable period last year, the company said in a regulatory filing. 

The consolidated total revenue for the period under review was Rs 3,401.6 crore, up 22.5% from Rs 2,777.3 crore in the similar period of the previous fiscal.

Operating-level EBITDA increased by 46.2%, from Rs 431.6 crore in the first quarter of the previous fiscal to Rs 631.3 crore in the first quarter of the current fiscal.

In the reporting quarter, the EBITDA margin was 18.6% as compared to 15.5% in the same period of the prior fiscal year. 

Sales from the formulation business in India increased by 2.8% YoY to Rs 1,064.3 crore in Q1 FY24 from Rs 1035.2 crore in the previous corresponding quarter.

In comparison to the previous same quarter's revenue of Rs 662.8 crore, North America's revenue from the sale of finished dosage formulations increased by 22% YoY to Rs 808.5 crore for the quarter ending June 30, 2023.

Revenue from the rest of the globe increased by 30.4% YoY to Rs 551.2 crore for the first quarter of FY24 from Rs 422.6 crore for the previous corresponding period.

The operating revenue for Glenmark Europe in the first quarter of FY24 increased by 73.7% YoY to Rs 573.2 crore from Rs 330 crore.

Content source: Media reports