Gland Pharma's Q2 net dips 20.14% to Rs 241.24 cr; India revenue down 42%

Gland Pharma Ltd on Wednesday reported a 20.14 per cent decline in consolidated net profit at Rs 241.24 crore for the second quarter ended September 30, on lower sales and higher expenses.

The company had posted a consolidated net profit of Rs 302.08 crore in the same period last fiscal, Gland Pharma said in a regulatory filing.

The consolidated revenue from operations during the period under review were at Rs 1,044.4 crore, as against Rs 1,080.47 crore in the year-ago period, it added.

Total expenses were higher at Rs 785.95 crore, as compared to Rs 731 crore in the same period a year ago, the company said.

Gland Pharma said revenue from its core markets of US, Europe, Canada and Australia grew by 3 per cent to Rs 747.5 crore in the second quarter, as against Rs 722.5 crore in the corresponding period last fiscal.

However, India revenue was down 42 per cent at Rs 72.6 crore, as compared to Rs 125.8 crore in the year-ago quarter, while the same for the 'rest of the world' market was also down 3 per cent at Rs 224.3 crore, as against Rs 232.2 crore in the year-ago period, it added.

"Although we have seen increased competition in our new products, we remain confident of our launch pipeline that will ensure sustainable growth. We are seeing positive momentum in our biologics/biosimilar CDMO (contract development and manufacturing) business," Gland Pharma Managing Director & CEO Srinivas Sadu said.