Gland Pharma's Net Profits Tank By 72.2% YoY In Q4FY23

Gland Pharma on Thursday announced its earnings for the fourth quarter and full year FY23. The company's revenue recorded a slump in Q4FY23 by 29.4 per cent year on year (YoY) to be recorded at Rs 824 crore and by 16.6 per cent for FY23 to Rs 3,856 crore compared with Rs 1,168 crore in Q4FY22 and Rs 4,624 in FY22 respectively. 

The pharmaceutical company's Profit After Tax (PAT) dipped by 72.2 per cent YoY in Q4FY23 to Rs 79 crores from Rs 285 crores in the same quarter of the previous year whereas for FY23 the PAT dropped by 36 per cent to Rs 775 crores against Rs 1,212 crores in FY22. 

Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) for Q4FY23 came in at Rs 168 crores, down by 52 per cent YoY from 348 crores in the March quarter of the year-ago period. In FY23 the EBITDA fell by 32 per cent and stood at Rs 1,024 crores against Rs 1,510 crores in FY22.

Gland's EBITDA margins dipped in FY23 to 28 per cent from 34 per cent in FY22 and for Q4FY23 the margins fell to 21 per cent from 32 per cent in Q4FY22.

The pharma major's Research and Development (R&D) investments for the quarter stood at Rs. 67 crores corresponding to 8.6 per cent of its revenues while for FY23 the R&D investments contributed to 5.6 per cent of the company's revenues and stood at Rs 1,236 crores. During Q4FY23, the company filed 9 ANDAs and received 7 ANDA approvals.

Srinivas Sadu, MD and CEO of Gland Pharma said “We have formally closed the acquisition of Cenexi and welcome it to be a part of the Gland-Fosun family. This is our first overseas acquisition and our move into the next phase of growth and expansion. We made progress on our path to building a Bio-CDMO and signed our first contract for Plasma Protein at our Shamirpet facility." 

Sadu added, "Our progress on the complex portfolio is in-line with plan and this year we filed a total of 3 complex products during the year. Our priority for the next year shall be seamless integration of Cenexi along with a focus on driving sustainable business growth."