Glenmark Pharma on Friday announced its financial results for the third quarter ended December 31, 2022. The pharma major’s consolidated net profit rose 21.13% to Rs 290.76 crore on 8% increase in net sales to Rs 3,392.24 crore in Q3 FY23 over Q3 FY22.
According to the company, its EBITDA was at Rs 620.2 crore for the quarter ended as on 31 December 2022 as against Rs 693.2 crore in the previous corresponding quarter, registering a decline of 10.5% YoY. EBITDA margin slipped to 17.9% in Q3 FY23 as against 21.8% in Q3 FY22.
Meanwhile, consolidated profit before tax jumped 37.3% to Rs 471 crore in Q3 FY23 from Rs 343.04 crore in Q3 FY22.
The Active Pharmaceutical Ingredients (API) sales grew 23.9% YoY to Rs 375.6 crore during the period under review.
In the India business, sales from the formulation business in India in Q3 FY23 stood at Rs 1,074.5 crore as against Rs 1,006.9 crore in the previous corresponding quarter, registering a growth of 6.7% YoY.
In the North America business, the company registered revenues of Rs 837.3 crore in Q3 FY23; recording growth of 10.6%, as against revenue of Rs 756.7 crore for Q3 FY22.
Glenmark Europe operations revenues for Q3 FY23 were at Rs 493.2 crore as against Rs 380.7 crore, recording growth of 29.5%.
“We had yet another quarter with a strong performance led by robust growth across all our markets despite the challenging macroeconomic conditions. Our India business continued to record a healthy increase in secondary sales. The US business recovered well as the year progressed. The RoW and EU businesses also reflected formidable growth during the quarter. Our global respiratory portfolio gained momentum with the impressive performance of our novel drug Ryaltris across all markets where it was launched,” Glenn Saldanha, the chairman and managing director (MD) of Glenmark Pharmaceuticals said in a statement.
