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Mumbai-based active pharmaceutical ingredients (API) developer, Glenmark Life Sciences, on Thursday reported that its net profit declined 33.62 per cent for the March quarter ended March 31, 2024. The company had posted a net profit of Rs 97.93 crore as opposed to Rs 146 crore in the corresponding quarter of the previous year. Revenue from operations also declined by 13.64 per cent, reaching Rs 536 crore for the period from Rs 621 crore a year ago.
Sequentially, the revenue declined by 6.31 per cent and the profit also declined by 17.32 per cent.
For the fiscal year 2023-2024, Glenmark Life Sciences reported revenue from operations of Rs 2,283.2 crore, marking a growth of 5.6 per cent year-over-year (Y-o-Y).
The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) for the fiscal year reached Rs 686.3 crore, reflecting a growth of 2.2 per cent Y-o-Y, with full-year EBITDA margins standing at 30.1 per cent. In the fourth quarter, EBITDA amounted to Rs 144.6 crore, with EBITDA margins standing at 26.9 per cent.
Commenting on the results, Yasir Rawjee, Managing Director & Chief Executive Officer, Glenmark Life Sciences stated, “FY24 was a milestone year for Glenmark Life Sciences, marked by the successful acquisition by Nirma Limited. With Nirma's commitment and strategic vision, we are poised for accelerated growth and market positioning. We concluded the financial year on a positive note with revenue growth of 5.6% on a full-year basis, driven by regulated markets in external business. These, coupled with a strong order book and demand visibility, will ensure steady growth in FY25 and beyond.”
The Profit After Tax (PAT) for the fiscal year amounted to Rs 470.9 crore, showing a growth of 0.8 per cent Y-o-Y. Throughout the fiscal year 2023-2024, the company demonstrated free cash flow generation, totaling Rs 284.5 crore, resulting in cash and cash equivalents of Rs 301.4 crore as of March 31, 2024.
Commenting on the results, Tushar Mistry, Chief Financial Officer, Glenmark Life Sciences said, “Despite global uncertainties and our integration efforts with Nirma Limited, we achieved a revenue growth of 5.6% in FY24. Our annualised margins continue to be in the range of ~30% despite one-time costs such as bonuses and transaction expenses. Our strong free cash flow generation in FY24 has bolstered our financial standing, enabling continued growth while maintaining a debt-free balance sheet.”
