Glenmark Pharma Q1 PAT rises 21% YoY to Rs 306 cr

Glenmark Pharmaceuticals posted a 20.7% rise in consolidated net profit to Rs 306.53 crore on 27.6% increase in net sales to Rs 2,946 crore in Q1 FY22 over Q1 FY21.

Consolidated profit before tax rose 24% to Rs 443.55 crore in Q1 FY22 over Q1 FY21. EBITDA grew by 20% to Rs 573.6 crore in the quarter ended 30 June 2021 as against Rs 478.1 crore in the previous corresponding quarter.

Sales from the formulation business in India for Q1 FY22 stood at Rs 1225 crore as against Rs 779.9 crore in the previous corresponding quarter, recording a growth of 57.1%. Q1FY22 was a landmark quarter for the India business, with both the COVID and non-COVID portfolios of the company performing well. The India business outperformed industry growth continuing the trend of the past several years. As per IQVIA MAT June 2021, Glenmark's India business recorded growth of 35.4% as compared to the IPM growth of 14.7%.

In North America, the company registered revenue from the sale of finished dosage formulations of Rs 787.8 crore for the quarter ended 30 June 2021 as against revenue of Rs 742.6 crore for the previous corresponding quarter, recording a growth of 6%. On a constant currency basis revenues grew 9% YoY during the quarter.

For Q1 FY22, revenue from Africa, Asia and CIS (ROW) region came at Rs 268.6 crore as against Rs 212 crore for the previous corresponding quarter, recording growth of 26.7%. Glenmark Europe's operations revenue for the first Quarter of FY22 stood at Rs 305.9 crore as against Rs 273.9 crore recording a growth of 11.7%. Glenmark's revenue from its Latin American and Caribbean operations was at Rs 67.50 crore for the First Quarter of FY2021-22, as against Rs 65.8 crore, recording growth of 2.5%.

R&D expenses stood at Rs 283.7 crore (representing 9.6% of sales) as compared to 10.8% last year.

Glenn Saldanha, chairman and MD of Glenmark Pharmaceuticals said, "It was a landmark quarter for the company with positive momentum in all our key markets. Our commitment towards the fight against COVID19 was reflected in FabiFlu becoming the number one brand in the India pharma market in April. We launched our first nebulizer, Arformoterol Inhalation solution from Monroe, US. We have a strategic roadmap to grow consistently and profitably over the year. We also have a clear plan in place to reduce debt by enhancing free cash, prioritizing over R&D investments and capital expenditure going forward."

Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across generics, specialty and over-the-counter (OTC) business with operations in over 50 countries.

Shares of Glenmark Pharma fell 1.33% to Rs 563.20 on BSE.

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