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Glenmark Pharma's revenue surges 6.6% yoy and PAT soars 10.1% yoy for Q2FY22; Stock gains ~1.5%

Sales from the formulation business in India for Q2FY22 was at Rs968.9cr as against Rs1,050.7cr in the previous corresponding quarter, recording a de-growth of 7.8% yoy.

November 15, 2021 11:48 IST | India Infoline News Service
Glenmark Pharmaceuticals
Glenmark Pharmaceuticals Limited, a research-led global integrated pharmaceutical company, on Friday announced its financial results for the second quarter ended September 30, 2021.

For the second quarter of FY22, Glenmark’s consolidated revenue was at Rs3,147.4cr as against Rs2,952.5cr recording an increase of 6.6% yoy. Consolidated EBITDA was at Rs590.2cr in the quarter ended September 30, 2021 as against Rs569.9cr in the previous corresponding quarter, registering an increase of 6.8% yoy.

The company’s Profit after Tax (PAT) was at Rs257.7cr for the quarter ended September 30, 2021 as compared to Rs234cr in the previous corresponding quarter, recording a growth of 10.1% yoy.

At around 11.50 am, Glenmark Pharmaceuticals Ltd was trading at Rs531.00 per piece up Rs7.35 or 1.40% from its previous closing of Rs523.65 per piece on the BSE.

“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 Sales from the formulation business in India for the Second Quarter of FY22 was at Rs968.9cr as against Rs1,050.7cr in the previous corresponding quarter, recording de-growth of 7.8% yoy.

Glenmark Pharmaceuticals Inc., USA registered revenue from the sale of finished dosage formulations of Rs754.3cr for the quarter ended September 30, 2021 as against revenue of Rs752.2cr for the previous corresponding quarter, recording growth of 0.3%.

Africa, Asia and CIS Region (ROW)
For the second quarter of FY22, revenue from Africa, Asia and CIS region was Rs652.6cr as against Rs380.6cr for the previous corresponding quarter, recording growth of 71.5%.

Europe
Glenmark Europe’s operations revenue for the second quarter of FY22 was at Rs338.3cr as against Rs318.1cr recording growth of 6.3%.

Latin America
Glenmark’s revenue from its Latin American & Caribbean operations was at Rs96cr for the second quarter of FY22 as against Rs98.4cr, recording revenue decline of (2.4)%.

Glenmark Life Sciences Ltd. (GLS)

For the second quarter of the financial year, Glenmark Life Sciences Limited (GLS) registered revenues from operations including captive sales of Rs561.8cr as against Rs520.8cr, growing at 7.9% yoy. Generic API revenues grew at 18.2% Yyoy and CDMO segment registered a growth of 25.2% yoy in the first half of this financial year. Growth in Generic API was led by robust demand in key regulated markets mainly North America, LATAM & Japan. The EBITDA margins stood at 30.2% for Q2FY22.

For the Q2FY22, external sales for Glenmark Life Sciences was at Rs335.4cr as against Rs321.3cr, recording growth of 4.4% over the corresponding period last year. The growth was impacted due to higher base of COVID products in the previous year.

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