Glenmark Pharma Q4 PAT gains 6% to Rs 234 cr

On a consolidated basis, the drug maker's net profit rose 6.2% to Rs 233.87 crore on 4.4% increase in net sales to Rs 2,829.89 crore in Q4 March 2021 over Q4 March 2020.

Profit before tax rose 6.2% to Rs 337.52 crore in Q4 FY21 as against Rs 317.96 crore in Q4 FY20. EBITDA grew 12.4% to Rs 523.40 crore in the quarter ended 31 March 2021 as against Rs 465.70 crore in the previous corresponding quarter.

The sales from the formulation business in India for the Q4 FY 2020‐21 was at Rs 823.80 crore as against Rs 764.80 crore in the previous corresponding quarter, recording growth of 7.7% Y-o-Y (year-on-year).

The Glenmark Consumer Care business continued to maintain strong growth momentum of 26% (excluding VWash sales) with sales of Rs 58.24 crore in this quarter. Candid Powder continues to drive growth for this category recording value sales growth in excess of 30% for the quarter and is the first brand in the Consumer Care Business to enter the "Rs100 cr" club. Other brands in this business including LaShield and Scalpe have also recorded growth in excess of 25% for the quarter.

In the United States, Glenmark Pharmaceuticals Inc., USA registered revenue from the sale of finished dosage formulations of Rs 801.20 crore for the quarter ended 31 March 2021 as against revenue of Rs 761.90 crore for the previous corresponding quarter, registered a growth of 5.2% Y-o-Y. On a Q-o-Q (quarter-on-quarter) basis, the business recorded growth of 3.7 % in USD terms.

Glenmark Life Sciences filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a proposed IPO comprising a fresh issue of up to Rs 1,160 crore and an Offer for Sale (OFS) of up to 73,05,245 equity shares, subject to market conditions, receipt of applicable approvals and other considerations. Glenmark Life Sciences primarily includes manufacturing and marketing of API products across all major markets globally. It also includes captive sales (i.e. use of API by GPL for its own formulations).

For the fourth quarter of FY 2020‐21, external sales for Glenmark Life Sciences was at Rs 331.10 crore from Rs 261.40 crore, recording growth of 26.7% Y-o-Y (year-on-year) over the corresponding period last year. For the entire year, external sales of Glenmark Life Sciences recorded revenue of Rs 1,207.40 crore over Rs 1,023.90 crore in the previous financial year, registering a growth of 17.9% Y-o-Y over the corresponding period last year.

Glenn Saldanha, the chairman and managing director (MD) of Glenmark Pharmaceuticals, said: "We delivered consistent performance during the year despite operational challenges due to the COVID-19 pandemic. We led from the front in india's fight against the pandemic at its very onset, with our leading brand FabiFlu. We have in place strategic levers to grow our businesses sustainably, with focus on strengthening our balance sheet."

For the year ended 31 March 2021, Glenmark's consolidated revenue was at Rs 10943.90 crore as against Rs 10641 crore, recording an increase of 2.8% over the previous corresponding period. Consolidated EBITDA for the fiscal year ended 31 March 2021 stood at Rs 2084.40 crore as against Rs 1698.10 crore, recording an increase of 22.7% in the previous corresponding period. Consolidated net profit grew by 25% to Rs 970.1 crore for the year ended 31 March 2021, as against Rs 776 crore in the previous year.

The board recommended dividend of Rs 2.50 per share for the FY 2020-21.

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

Shares of Glenmark Pharmaceuticals slipped 1.71% to Rs 596.70 on BSE. The scrip traded in the range of Rs 578.65 to Rs 600.75 so far.

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