Glenmark Pharma reports 18% y-o-y decline in net profit

14 Aug 2023 , 12:40 PM

Glenmark Pharma reported an 18% year-on-year (YoY) decline in net profit to Rs 173 crore in the first quarter of fiscal year 2024.

The decline in net profit was related to an extraordinary item of Rs 52 crore in the quarter, which included remediation costs for industrial locations in India and Monroe (US). In Q1FY24, revenue from operations increased by 22.5% year-on-year to Rs 3,402 crore.

EBITDA increased 46.2% year-on-year to Rs 631 crore, with EBITDA margins increasing 310 basis points to 18.6%.

R&D spending fell 4.7% to Rs 284 crore in Q1FY24. The India business increased by 2.8% year-on-year to Rs 1,064 crore. North America revenue increased by 22% to Rs 809 crore.

The Europe business registered growth of 73.7% to Rs 573 crore, while the rest-of-the-world (ROW) business grew by 30.4% to Rs 551 crore.

At around 12.34 PM, Glenmark Pharma was trading at Rs 800.30 against the previous close of Rs 801.35 on NSE. The counter touched an intraday high and low of Rs 815 and Rs 795.30, respectively.

For feedback and suggestions, write to us at [e-mail]