Gland Pharma's Q4 consolidated net profit up 34% at Rs 260.4 crore

Drug firm Gland Pharma on Monday reported a 34 per cent rise in its consolidated net profit to Rs 260.4 crore for the fourth quarter ended March 2021, on account of robust sales.

The company had posted a net profit of Rs 194.8 crore for the corresponding period of the previous fiscal, Gland Pharma said in a BSE filing.

Consolidated revenue from operations of the company stood at Rs 887.7 crore for the quarter under consideration. It was Rs 635.2 crore in the year-ago period, it added.

For the full fiscal ended March this year, the company posted a net profit of Rs 997 crore as against Rs 772.9 crore in the previous fiscal, Gland Pharma said.

 

Consolidated revenue from operations for the financial year ended March 2021 was Rs 3,462.9 crore. It was Rs 2,633.2 crore in the preceding fiscal, it added.

"Overall the business has performed well and grew steadily during these challenging times," Gland Pharma MD and CEO Srinivas Sadu said.

The new vaccine business is expected to accelerate the company's long-term strategy of entering into the Biosimilar space, he added.

The company's board has approved the appointment of Naina Lal Kidwai as an additional and independent director, with effect from May 17, 2021, for a tenure of 5 years, the filing said.

It has also approved the appointment of Allen Zhang as an additional and non-independent non-executive director, with effect from May 17, 2021, as a director liable to retire by rotation, it added.