Glenmark Pharmaceuticals Q3 PAT skids 3% YoY to Rs 240 cr

12 Feb 2022 , 12:26 PM

Consolidated profit before tax (PBT) slipped 1.4% to Rs 343.04 crore in Q3 FY22 from Rs 347.97 crore in Q3 FY21. EBITDA was at Rs 693.20 crore for the quarter ended as on 31 December 2021 as against Rs 530.10 crore in the previous corresponding quarter, registering an increase of 30.8% Y-o-Y (year-on-year).

On a consolidated basis, Active Pharmaceutical Ingredients (API) sales fell 5.27% to Rs 303.20 in Q3 December 2021 as against Rs 320.10 crore in Q3 December 2020.

In India, sales from the formulation business in India in Q3 FY2021-22 stood at Rs 1,006.90 crore as against Rs 882.10 crore in the previous corresponding quarter, registering a growth of 14.2 % Y-o-Y and 3.9% Q-o-Q (quarter-on-quarter). As per Oct-Dec 2021 IQVIA data, the non-COVID base portfolio grew 15.5% as compared to the non-COVID IPM growth of 11.7% during the quarter.

Glenmark Pharmaceuticals operates its businesses through – Glenmark Life Sciences (GLS) (82.84% API subsidiary) and Ichnos Sciences (100% US-based innovation subsidiary).

For the third quarter of the financial year, revenues from operations including captive sales in Glenmark Life Sciences were at Rs 522.50 crore as against Rs 500.20 crore, recording a growing at 4.5% Y-o-Y. During the quarter, revenues from the regulated markets witnessed healthy growth whereas revenues from the emerging markets were lower due to high base of COVID products sales last year. The EBITDA margins stood at 28.6% for Q3 FY2021-22.

External sales for Glenmark Life Sciences were at Rs 303.20 crore as against Rs 320.10 crore in Q3 FY2020-21, recording decline of 5.3% Y-o-Y and 7.6% growth Q-o-Q. The growth was impacted due to higher base of COVID-19 products in the previous year. The company is in the process of executing brownfield and Greenfield capacity expansion projects to support strategic growth levers.

In Ichnos Sciences, for the second quarter of the financial year, Glenmark Pharmaceuticals invested Rs 152 crore as compared to Rs 171.30 crore invested in the corresponding quarter of the previous financial year. For the nine months of the current financial year, Glenmark Pharmaceuticals has invested Rs 498.70 crore as compared to Rs 569.30 crore invested in the corresponding period of the previous financial year.

Glenn Saldanha, the chairman and managing director (MD) of Glenmark Pharmaceuticals, said, We had a landmark quarter with strong performance and the achievement of some key milestones. We closed our eighth out-licensing deal in our innovation pipeline, establishing us as one of the leading innovation-driven pharma companies in the country. Our businesses have also maintained their good growth momentum. We are on track to achieve our key business objectives for the financial year.

Shares of Glenmark Pharmaceuticals declined 2.54% to close at Rs 489.60 on Friday, 11 February 2022. Glenmark Pharmaceuticals is a global innovation-driven pharmaceutical company with presence across Specialty, Generics and OTC businesses.

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