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Glenmark Pharma

Net profit up 10.09%

December 01, 2021 8:29 IST | capital market
For the quarter ending Sept 2021, Net sales (including other operating income) of Glenmark Pharmaceuticals has increased 6.60% to Rs 3147.45 crore compared to quarter ended sept 2020.  

Operating profit margin has jumped from 18.72% to 18.75%, leading to 6.76% rise in operating profit to Rs 590.18 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.13% to 27.10%.   Purchase of finished goods cost fell from 9.68% to 9.11%.   Employee cost decreased from 22.78% to 21.88%.   Other expenses rose from 21.43% to 23.12%.   

Other income rose 59% to Rs -13.07 crore.  PBIDT rose 10.78% to Rs 577.11 crore.  Provision for interest fell 14.49% to Rs 68.95 crore.  Loan funds rose to Rs 3,896.89 crore as of 30 September 2021 from Rs 2,958.62 crore as of 30 September 2020.  Inventories rose to Rs 2,531.00 crore as of 30 September 2021 from Rs 2,202.50 crore as of 30 September 2020.  Sundry debtors were higher at Rs 2,809.72 crore as of 30 September 2021 compared to Rs 2,647.99 crore as of 30 September 2020.  Cash and bank balance rose to Rs 1,429.64 crore as of 30 September 2021 from Rs 888.12 crore as of 30 September 2020.  Investments rose to Rs 64.62 crore as of 30 September 2021 from Rs 24.60 crore as of 30 September 2020 .  

PBDT rose 15.41% to Rs 508.16 crore.  Provision for depreciation rose 18.37% to Rs 123.19 crore.  Fixed assets increased to Rs 4,337.04 crore as of 30 September 2021 from Rs 4,073.44 crore as of 30 September 2020.  Intangible assets increased from Rs 2,331.45 crore to Rs 2,398.15 crore.  

Profit before tax grew 14.49% to Rs 384.97 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 110.16 crore, compared to Rs 105.38 crore.  Effective tax rate was 28.62% compared to 31.05%.

Net profit attributable to owners of the company increased 10.09% to Rs 257.66 crore.  

Equity capital stood at Rs 28.22 crore as of 30 September 2021 to Rs 28.22 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

Promoters?f stake was 46.65% as of 30 September 2021 ,compared to 46.63% as of 30 September 2020 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Glenmark Pharmaceuticals has increased 15.39% to Rs 6112.34 crore.  

Operating profit margin has declined from 19.46% to 19.04%, leading to 12.89% rise in operating profit to Rs 1,163.74 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 29.40% to 28.51%.   Purchase of finished goods cost rose from 5.99% to 9.75%.   Employee cost decreased from 22.67% to 20.69%.   Other expenses fell from 22.63% to 22.28%.   

Other income rose 71.16% to Rs 45.58 crore.  PBIDT rose 14.35% to Rs 1209.32 crore.  Provision for interest fell 17.10% to Rs 144.55 crore.  Loan funds rose to Rs 3,896.89 crore as of 30 September 2021 from Rs 2,958.62 crore as of 30 September 2020.  Inventories rose to Rs 2,531.00 crore as of 30 September 2021 from Rs 2,202.50 crore as of 30 September 2020.  Sundry debtors were higher at Rs 2,809.72 crore as of 30 September 2021 compared to Rs 2,647.99 crore as of 30 September 2020.  Cash and bank balance rose to Rs 1,429.64 crore as of 30 September 2021 from Rs 888.12 crore as of 30 September 2020.  Investments rose to Rs 64.62 crore as of 30 September 2021 from Rs 24.60 crore as of 30 September 2020 .  

PBDT rose 20.57% to Rs 1064.77 crore.  Provision for depreciation rose 8.73% to Rs 236.26 crore.  Fixed assets increased to Rs 4,337.04 crore as of 30 September 2021 from Rs 4,073.44 crore as of 30 September 2020.  Intangible assets increased from Rs 2,331.45 crore to Rs 2,398.15 crore.  

Profit before tax grew 24.43% to Rs 828.51 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 247.18 crore, compared to Rs 208.95 crore.  Effective tax rate was 29.83% compared to 29.98%.

Minority interest increased 18,911.10% to Rs 17.11 crore.  Net profit attributable to owners of the company increased 15.63% to Rs 564.22 crore.  

Equity capital stood at Rs 28.22 crore as of 30 September 2021 to Rs 28.22 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

Promoters?f stake was 46.65% as of 30 September 2021 ,compared to 46.63% as of 30 September 2020 .  

Cash flow from operating activities increased to Rs 541.67 crore for YTD ended September 2021 from Rs 423.90 crore for YTD ended September 2020.  Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 349.13 crore, compared to Rs 415.98 crore during the YTD ended September 2020.  


Full year results analysis.

Net sales (including other operating income) of Glenmark Pharmaceuticals has increased 2.85% to Rs 10943.93 crore.  

Operating profit margin has jumped from 15.96% to 19.05%, leading to 22.75% rise in operating profit to Rs 2,084.37 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 24.17% to 28.18%.   Purchase of finished goods cost fell from 9.79% to 6.74%.   Employee cost decreased from 21.45% to 21.05%.   Other expenses fell from 28.44% to 25.30%.   

Other income fell 68.53% to Rs 50.22 crore.  PBIDT rose 14.91% to Rs 2134.59 crore.  Provision for interest fell 6.42% to Rs 353.11 crore.  Loan funds rose to Rs 4,985.72 crore as of 31 March 2021 from Rs 4,485.59 crore as of 31 March 2020.  Inventories rose to Rs 2,276.83 crore as of 31 March 2021 from Rs 2,135.62 crore as of 31 March 2020.  Sundry debtors were higher at Rs 2,572.06 crore as of 31 March 2021 compared to Rs 2,408.96 crore as of 31 March 2020.  Cash and bank balance rose to Rs 1,139.16 crore as of 31 March 2021 from Rs 1,111.24 crore as of 31 March 2020.  Investments rose to Rs 24.63 crore as of 31 March 2021 from Rs 24.59 crore as of 31 March 2020 .  

PBDT rose 20.34% to Rs 1781.48 crore.  Provision for depreciation rose 6.32% to Rs 443.55 crore.  Fixed assets increased to Rs 6,452.51 crore as of 31 March 2021 from Rs 6,197.54 crore as of 31 March 2020.  Intangible assets increased from Rs 52.90 crore to Rs 58.01 crore.  

Profit before tax grew 25.84% to Rs 1,337.93 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were increased to Rs 44.55 crore.  Provision for tax was expense of Rs 412.39 crore, compared to Rs 320.11 crore.  Effective tax rate was 29.83% compared to 29.20%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 25.01% to Rs 970.04 crore.  

Equity capital stood at Rs 28.22 crore as of 31 March 2021 to Rs 28.22 crore as of 31 March 2020.  Per share face Value remained same at Rs 1.00.  

Promoters?f stake was 46.63% as of 31 March 2021 ,compared to 46.62% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 1,131.21 crore for year ended March 2021 from Rs 1,392.41 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 774.76 crore, compared to Rs 931.37 crore during the year ended March 2020.

Other Highlights

In Q2 FY22, Europe business grew 6.3%, India sales fell 7.8%, USA sales up 0.3%, Latin america declined 2.4% and ROW Business grew by 71.5% on YoY basis.

In Q2 FY22, Company?fs non?]COVID base portfolio grew 16.7% as compared to the non?]COVID IPM (Indian Pharma Market) growth of 15.3%.

Board declared an interim dividend of Rs 10.5 per share ( face value of Rs 2 ).

Company Launched 10 new products during the quarter.

Management commentary: We delivered yet another quarter of consistent performance, both in revenue growth and profitability. We have continued to perform well in our core therapy areas and launched differentiated products. said Glenn Saldanha, Chairman & Managing Director, Glenmark Pharmaceuticals Ltd. He further added, We have substantially reduced our debt through a combination of internal accruals and IPO proceeds. We are focused on enhancing free cash generation and achieving our strategic objectives going forward.

Glenmark Pharmaceuticals : Consolidated Results

 

Quarter ended Year to Date Year ended
Particulars 202109 202009 Var.(%) 202109 202009 Var.(%) 202103 202003 Var.(%)
Net Sales (including other operating income) 3,147.45 2,952.48 6.6 6,112.34 5,297.27 15.39 10,943.93 10,640.97 2.85
OPM (%) 18.75 18.72 3 bps 19.04 19.46 -42 bps 19.05 15.96 309 bps
OP 590.18 552.82 6.76 1,163.74 1,030.89 12.89 2,084.37 1,698.09 22.75
Other Inc. -13.07 -31.88 59 45.58 26.63 71.16 50.22 159.6 -68.53
PBIDT 577.11 520.94 10.78 1,209.32 1,057.52 14.35 2,134.59 1,857.69 14.91
Interest 68.95 80.63 -14.49 144.55 174.37 -17.1 353.11 377.32 -6.42
PBDT 508.16 440.31 15.41 1,064.77 883.15 20.57 1,781.48 1,480.37 20.34
Depreciation 123.19 104.07 18.37 236.26 217.29 8.73 443.55 417.17 6.32
PBT 384.97 336.24 14.49 828.51 665.86 24.43 1337.93 1063.2 25.84
Share of Profit/(Loss) from Associates 0 0 - 0 0 - 0 0 -
PBT before EO 384.97 336.24 14.49 828.51 665.86 24.43 1337.93 1063.2 25.84
EO Income 0 3.14 - 0 31.13 - 44.55 32.88 35.49
PBT after EO 384.97 339.38 13.43 828.51 696.99 18.87 1382.48 1096.08 26.13
Taxation 110.16 105.38 4.54 247.18 208.95 18.3 412.39 320.11 28.83
PAT 274.81 234 17.44 581.33 488.04 19.12 970.09 775.97 25.02
Minority Interest (MI) 17.15 -0.04 PL 17.11 0.09 18,911.10 0.05 0 -
Net profit 257.66 234.04 10.09 564.22 487.95 15.63 970.04 775.97 25.01
P/(L) from discontinued operations net of tax 0 0 - 0 0 - 0 0 -
Net profit after discontinued operations 257.66 234.04 10.09 564.22 487.95 15.63 970.04 775.97 25.01
EPS (Rs)* 9.13 8.22 11.12 20 16.52 21.04 33.27 26.68 24.72
* EPS is on current equity of Rs 28.22 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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