Glenmark Pharmaceuticals' consolidated net profit rose 21.13% to Rs 290.76 crore on 8% increase in net sales to Rs 3,392.24 crore in Q3 FY23 over Q3 FY22.
Consolidated profit before tax jumped 37.3% to Rs 471 crore in Q3 FY23 from Rs 343.04 crore in Q3 FY22.EBITDA was at Rs 620.2 crore for the quarter ended as on 31 December 2022 as against Rs 693.2 crore in the previous corresponding quarter, registering a decline of 10.5% YoY. EBITDA margin slipped to 17.9% in Q3 FY23 as against 21.8% in Q3 FY22.
On a consolidated basis, Active Pharmaceutical Ingredients (API) sales grew 23.9% YoY to Rs 375.6 crore during the period under review.
In India, sales from the formulation business in India in Q3 FY23 stood at Rs 1,074.5 crore as against Rs 1,006.9 crore in the previous corresponding quarter, registering a growth of 6.7% YoY.
North America registered revenues of Rs 837.3 crore in Q3 FY23; recording growth of 10.6%, as against revenue of Rs 756.7 crore for Q3 FY22.
During the third quarter, revenues from the Asia, MEA, LATAM and RCIS (RoW) region were Rs 654.1 crore as against Rs 534.8 crore for the previous corresponding quarter, recording growth of 22.3%.
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Glenmark Europe operations revenues for Q3 FY23 were at Rs 493.2 crore as against Rs 380.7 crore, recording growth of 29.5%.
Glenmark Pharmaceuticals operates its businesses through - Glenmark Life Sciences (GLS) (82.84% API subsidiary) and Ichnos Sciences (100% US-based innovation subsidiary).
For the third quarter of the financial year, revenues from operations including captive sales in Glenmark Life Sciences were at Rs 540.7 crore as against Rs 522.5 crore, recording a growing at 3.5% YoY. Generic API revenues in Q3 FY23 increased by 1.8% YoY and the regulated markets business continued its strong growth momentum, with contribution increasing to 76.5%. CDMO revenues in Q3 FY23 decreased by 9.6% QoQ; however, demand is expected to pick up from Q4 FY23 onwards.
External sales for Glenmark Life Sciences in Q3 FY23 were at Rs 375.6 crore as against Rs 303.2 crore in Q3 FY22; recording a growth of 23.9% YoY.
In Ichnos Sciences, for the third quarter of the current financial year, Glenmark Pharmaceuticals invested Rs 151.8 crore as compared to Rs 152 crore invested in the corresponding quarter of the previous financial year. For 9M FY23, Glenmark Pharmaceuticals has invested Rs 488 crore as compared to Rs 498.7 crore invested in the corresponding period of the previous financial year.
Glenn Saldanha, the chairman and managing director (MD) of Glenmark Pharmaceuticals, said, We had yet another quarter with a strong performance led by robust growth across all our markets despite the challenging macroeconomic conditions. Our India business continued to record a healthy increase in secondary sales. The US business recovered well as the year progressed. The RoW and EU businesses also reflected formidable growth during the quarter. Our global respiratory portfolio gained momentum with the impressive performance of our novel drug Ryaltris across all markets where it was launched.
Shares of Glenmark Pharmaceuticals rose 1.43% to close at Rs 399.85 on Friday, 10 February 2023. Glenmark Pharmaceuticals is a global innovation-driven pharmaceutical company with presence across Specialty, Generics and OTC businesses.
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