Gland Pharma Limited on Thursday announced its financial results for the fourth quarter and financial year ended March 31, 2023. According to the company’s statement, the company reported a decline in profit during the fourth quarter.
Meanwhile, the revenue from operations for the fiscal 2023, declined by 18% as compared to the previous year. According to the company, inventory rationalization across customers in the US market, high price pressure with increased competition impacting revenue and margins and higher base of last year due to COVID-related products sale have caused this decline.
Moreover, due to production line shut down in Q4FY23 in Pashamylaram Penems facility due to line upgradation and reduced business from domestic B2C division during the year as compared to previous year have led to decline in revenue from operations during the quarter by 29 percent as compared to corresponding quarter of the previous year.
It is noteworthy that the Gross Margin of the Company remained stable during the quarter as compared to same quarter previous year.
The Company have reported an EBITDA of ₹ 10,248 million in FY23, as compared to ₹ 15,102 million for the previous financial year, a decrease of 32%.
“We have formally closed the acquisition of Cenexi and welcome it to be a part of the Gland-Fosun family. This is our first overseas acquisition and our move into the next phase of growth and expansion. We made progress on our path to building a Bio-CDMO and signed our first contract for Plasma Protein at our Shamirpet facility. Our
full year FY23 revenue stood at ₹ 36,246 Mn, and our full year FY23 PAT stood at ₹ 7,810 Mn in the midst of challenging business environment. As an important milestone we received our first China approval and have also initiated launch of our first product,” Srinivas Sadu, MD & CEO of Gland Pharma said in a statement.
Sadu also highlighted that their progress on the complex portfolio is in-line with plan and this year we filed a total of 3 complex products during the year.
“Our priority for the next year shall be seamless integration of Cenexi along with a focus on driving sustainable business growth,” he added.
According to the company’s statement, core markets of US, Europe, Canada, Australia, and New Zealand accounted for 70% of revenue during Q4FY23.
The India market accounts for 8% in Q4FY23 revenue. It witnessed decline in business due to higher base of COVID related sales in previous year and less Insulin business.