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Gland Pharma hits record high after Q1 PAT spurts 12% YoY to Rs 351 cr
22-Jul-21   09:30 Hrs IST

The growth in revenue was contributed from a mix of launch of new products and volume growth in existing products. The key markets, US, Canada, Europe and Australia registered a growth of 16% and accounted for 61% of the revenue during Q1 FY22. This performance is driven by growth of key products like Micafungin, Enoxaparin, Heparin, Dexmedetomidine and new product launches.

Profit before tax surged 12.34% to Rs 471.84 crore in Q1 FY22 as against Rs 420 crore in Q1 FY21. The Q1 earnings was declared on Wednesday, 21 July 2021. The markets were closed on Wednesday on account of Eid al-Adha.

EBITDA grew 12% to Rs 498.10 crore in Q1 FY22 as against Rs 444.70 crore in Q1 FY21. EBITDA margin stood at 41% during the quarter as compared to 49% during Q1 June 2020. Profit margin was at 29% in Q1 June 2021 compared with 34% during Q1 June 2020.

During the quarter, several new launches have contributed to the growth and it was an important milestone to launch first set of penem products for the US market. The 'Rest of the World' markets have seen a robust growth of 51% in line with the increased focus on geographic expansion. This is driven by increased penetration by forming new partnerships in various countries.

India accounted for 20% of Q1 FY22 revenue and witnessed a 77% Y-o-Y (year-on-year) growth for the quarter. Gland Pharma ramped up supply of essential drugs like Remdesivir and Enoxaparin to support the domestic market requirement during the second wave of COVID-19.

The total Research and Development (R&D) expense for first quarter of the FY 2022 was at Rs 43.80 crore, which was 3.8% of revenue and registered an increase of 74% over the first quarter of previous financial year. During the quarter ended 30 June 2021, Gland Pharma filed 2 Abbreviated New Drug Applications (ANDAs), 5 Drug Master Files (DMFs) and received 6 ANDA approvals.

As on 30 June 2021, the company along with its partners have filed total 286 ANDAs, out of which 239 were approved and 47 are pending approval. The total capex incurred during the quarter ended was 30 June 2021 was at Rs 185.70 crore.

Commenting on the Q1 results, Srinivas Sadu, managing director (MD) and chief executive officer (CEO) of Gland Pharma, said: In spite of the challenges from the second wave of COVID-19 in the country, in terms of manpower availability and supply chain bottlenecks, Gland Pharma has managed to deliver strong quarterly results. The revenue for the quarter stood at Rs 11,539 million, which is a Y-o-Y revenue growth of 31%, with a PAT margin of 29%, which is Rs 3,507 million.

Our execution capabilities, be it uninterrupted commercial supplies, project commissioning or new product launches, is what underpins our strong performance in this quarter. It was an important milestone for the company to launch our first set of Penem products for the US market during the quarter. The dedicated suite for vaccine drug product fill finish is now ready for vaccine commercial production, while the tech transfer for the drug substance manufacturing is ongoing. We continue to support the nation by ramping up production of essential COVID drugs.

Hyderabad-based Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. It operates primarily under a business to business (B2B) model and it engaged in development, manufacturing and marketing of complex injectables.

The scrip hit a record high at Rs 4,000 during intraday trade.

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