Q3 Results: Glenmark Lifesciences PAT Dips By 1.2% QoQ, Revenue At Rs 540 Cr

Glenmark Lifesciences, the Indian pharma company headquartered in Mumbai on Friday announced its consolidated financial results for the third quarter that ended 31st December 2022, the company registered a 3.5 per cent rise in its consolidated revenues year on year. The company's revenue for the third quarter stood at Rs 540.7 crores against Rs 522.5 crores in the same quarter last year.

The company recorded a net profit of Rs 105 crores in quarter three of the financial year 2023(Q3FY23) against Rs 103.7 crores recorded in the corresponding quarter in the previous year, a 1.2 per cent jump year on year while the PAT dropped by 1.2 per cent quarter on quarter.

The pharma major's EBITDA surged by 1.6 per cent year on year to be recorded at Rs 152 crores for the December quarter against Rs 149.6 crores in the same quarter last year, whereas the company's EBITDA dipped by 1 per cent quarter on quarter.

Dr Yasir Rawjee, Managing Director and Chief Executive Officer, Glenmark Lifesciences stated “I am pleased to report that the Company has continued its upward trajectory to witness steady growth both on sequential as well as YoY basis on the back of a robust performance of our external business. India, Europe and LATAM were the main catalysts for growth whereas US witnessed healthy recovery. The GPL business saw strong recovery in the current quarter while the CDMO business was sluggish, and we expect it to pick up strongly from Q4 onwards."

Dr Rawjee further said that during the first 9 months of FY 2023, Glenmark launched 5 new products, and continues to cross-sell wide product basket to existing customers across different geographies. "Overall, as the three levers of our business (External, GPL and CDMO) are on track to perform well, I am confident of delivering steady growth with stable margins in the coming quarters," he added.