Gland Pharma surges 11% amidst stellar Q4 results; profits grow two fold

Shares of Gland Pharma shot up to 11.3 per cent at Rs 1,999.35 per share on the BSE in Thursday’s intraday deals. The hike in stock price came after the pharmaceutical firm delivered a strong quarter four performance for the financial year 2022-23 (Q4FY24).

On Wednesday, Gland Pharma reported a two fold jump or 145 per cent increase  in consolidated net profit, reaching Rs 192.4 crore for the January-March period of FY24, compared to Rs 78.7 crore in the corresponding period last year. 

The company's revenue surged by 96 per cent to Rs 1,537.5 crore from Rs 785 crore in the year-ago quarter. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose to Rs 358.7 crore from Rs 168.4 crore a year ago, with Ebitda margins at 23 per cent in the March quarter compared to 21 per cent in the previous year. 

Research and development expenses for the quarter stood at Rs 43.6 crore, accounting for 3.7 per cent of its revenue. During the quarter, the company filed 4 ANDAs and received approval for 6 ANDAs. The company’s Board recommended a final dividend of Rs 20 per equity share.

On a full year basis, Gland Pharma’s revenues soared 56 per cent YoY to Rs 5,664 crore in FY24 as against Rs 3,624 crore in FY23. However, the company’s PAT edged down by 1 per cent in FY24 to Rs 772 crore versus Rs 781 crore in FY23. Ebitda margins improved to 24 per cent in FY24 compared to 28 per cent a year earlier. 

At 10:30 PM; the stock of the company was up 4.26 per cent at Rs 1,872 per share on the BSE. By comparison the S&P BSE Sensex rose 0.48 per cent. The share price of the company has dipped by 2 per cent year to date while it surged by 9.6 per cent in the last six months. The company is presently trading at a price to earnings valuation of Rs 38.49 times.