Glenmark Pharma reports revenue growth of 26% and PAT growth of 21% YoY

Glenmark Pharmaceuticals Limited today announced its financial results for the first quarter ended June 30, 2021

Glenmark Pharmaceuticals Limited, a research-led global integrated pharmaceutical company, today announced its financial results for the first quarter ended June 30, 2021.

For the First Quarter of FY 2021-22, Glenmark's consolidated revenue was at Rs 29,649 Mn. as against Rs 23,448 Mn recording an increase of 26 per cent.

Consolidated EBITDA grew by 20 per cent to Rs 5,736 Mn in the quarter ended June 30, 2021 as against Rs 4781 Mn. in the previous corresponding quarter.

Profit After Tax (PAT) was at Rs 3,065 Mn for the quarter ended June 30, 2021 as compared to Rs 2540 Mn in the previous corresponding quarter, registering an increase of 21 per cent YoY.

"It was a landmark quarter for the company with positive momentum in all our key markets. Our commitment towards the fight against COVID19 was reflected in FabiFlu® becoming the number one brand in the India pharma market in April. We launched our first nebulizer, Arformoterol Inhalation solution from Monroe, US." said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.

He further added, "We have a strategic roadmap to grow consistently and profitably over the year. "We have a clear plan in place to reduce debt by enhancing free cash, prioritizing over R & D investments and capital expenditure going forward."

1. GLENMARK PHARMACEUTICALS LTD. (GPL) India

Sales from the formulation business in India for the First Quarter of FY 2021-22 was at Rs 12,250 Mn as against Rs 7,799 Mn in the previous corresponding quarter, recording a growth of 57 per cent.

Glenmark Consumer Care Business

Secondary sales of Glenmark's Consumer Care business grew by 24 per cent YoY during the quarter. Candid powder recorded its highest ever secondary sales in June '21. Similarly, LaShield and Scalpe Plus both recorded their highest secondary sales in the quarter. As mentioned earlier, Candid Powder is the first brand in the Consumer Care Business to enter the "Rs 100 Cr" club. The company also successfully launched Candid Cream during the quarter which is available in more than 30,000 outlets currently.

North America

North America registered revenue from the sale of finished dosage formulations of Rs 7,878 Mn for the quarter ended June 30, 2021 as against revenue of Rs 7,426 Mn for the previous corresponding quarter, recording a growth of 6 per cent. On a constant currency basis revenues grew 9 per cent YoY during the quarter.

Africa, Asia and CIS Region (ROW)

For the First Quarter of FY 2021-22, revenue from Africa, Asia and CIS region was Rs 2,686 Mn as against Rs 2,120 Mn for the previous corresponding quarter, recording growth of 27 per cent.

Europe

Glenmark Europe's operations revenue for the First Quarter of FY 2021-22 was at Rs. 3,059 Mn as against Rs 2,739 Mn recording a growth of 12 per cent.

Latin America

Glenmark's revenue from its Latin American and Caribbean operations was at Rs. 675 Mn for the First Quarter of FY 2021-22, as against Rs 658 Mn, recording growth of 3 per cent.

API Business

The equity shares of GLS were listed on BSE Ltd and NSE Ltd on 6th August, 2021 following a successful Initial Public offering (IPO). Pursuant to the IPO, GLS published its unaudited financial results for the first quarter of the financial year on August 13, 2021.

For the first quarter of the financial year, GLS registered revenue from operations including captive sales of Rs 5,249 Mn as against Rs 3,969.7 Mn during the same quarter of the last financial year, recording growth of 32.2 per cent YoY. The EBITDA Margin for Glenmark Life Sciences including captive sales was 31.3 per cent for the first quarter of this financial year.

For the first quarter of FY 2021-22, external sales for Glenmark Life Sciences was at Rs 3,039 Mn as against Rs 2,348 Mn, recording growth of 29.5 per cent over the corresponding period last year.

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2. ICHNOS Sciences

Glenmark has invested Rs 1,617 Mn in the first quarter of the financial year as compared to Rs 1,735 Mn over the corresponding period last financial year. The company had invested Rs 7,570 Mn in FY 2020-21.

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