Gland Pharma Q1 consolidated net profit up 12% to Rs 350.7 crore

Drug firm Gland Pharma on Wednesday reported an 11.83 percent increase in its consolidated net profit to Rs 350.7 crore for the quarter ended June 30, 2021, on account of robust sales in all markets.

The company had posted a net profit of Rs 313.6 crore for the corresponding period of the previous fiscal, Gland Pharma said in a regulatory filing.

Consolidated revenue from operations of the company stood at Rs 1,153.9 crore for the quarter under consideration. It was Rs 884.2 crore for the same period a year ago, it added.

"In spite of the challenges from the second wave of COVID in the country, in terms of manpower availability and supply chain bottlenecks, Gland Pharma has managed to deliver strong quarterly results," Gland Pharma Managing Director and Chief Executive Officer Srinivas Sadu said.

The company's key markets, the US, Canada, Europe, and Australia registered a growth of 16 percent and accounted for 61 percent of revenue during the first quarter of the financial year 2021-22, Gland Pharma said.

India accounted for 20 percent of the first quarter of the financial year 2021-22 revenue and witnessed a 77 percent year-on-year growth for the quarter. To support the domestic market requirement during the second wave of COVID-19, the company ramped up the supply of essential drugs like remdesivir and enoxaparin, it added.

The rest of the World's markets have seen a robust growth of 51 percent in line with the company's increased focus on geographic expansion, Gland Pharma said.

The company also said that its board has approved the appointment of Udo Johannes Vetter as an Independent Director, with effect from July 21, 2021, for a tenure of five years.