Gland Pharma Q3 results: Net porfit at Rs 192 cr, revenue at Rs 1,545 cr

Gland Pharma on Wednesday said its consolidated Profit After Tax (PAT) stood at Rs 192 crore for the December quarter.

The drug firm had reported a PAT of Rs 232 crore in the year-ago period.

The company's revenue from operations stood at Rs 1,545 crore for the October-December period, up from Rs 938 a year ago.

The results for the quarter under review and the nine months of the current fiscal are not comparable to the earlier periods of the previous year due to the inclusion of Cenexi results, the Hyderabad-based company said.

On November 29, 2022, the Hyderabad-based drug Contract Development and Manufacturing Company (CDMO) had entered into a put option agreement to acquire Cenexi Group for up to 120 million euros, marking its foray into the international markets.

"In the ex-Cenexi base business, we are happy to keep up with the growth aspirations, and the performance has been encouraging with the introduction of new products and improved volumes of the current basket," Gland Pharma MD and CEO Srinivas Sadu said.

The post-merger integration review is now mostly complete, and the drug firm has identified areas where Cenexi would need investments and significant improvements, he added.

"Our partner order book is healthy, and we have significant opportunities through the signed contracts to play out long-term growth. However, in the near term, we continue to face issues with operational performance, leading us to rebalance our capacity and shift certain products to different lines, which will take time due to regulatory processes," Sadu said.

The company is confident that it will end FY24 on a high note, he added.