Glenmark Pharma Q1 results: Profit after tax dips 22% to Rs 149.9 cr

Glenmark Pharmaceuticals, a research-led pharma company, reported a 22.5 per cent year-on-year (Y-o-Y) increase in its consolidated revenue from operations for the quarter ending June 30, 2023, reaching Rs 3,401.6 crore.

However, the company saw a 22 per cent decline in profit after tax (PAT), coming in at Rs 149.9 crore, in contrast to Rs 192.5 crore in Q1FY23. This reduction in PAT can be linked to a decrease in other income and a surge in financial costs.

Sequentially, the company exhibited a 0.8 per cent increase in revenue and managed to turn around the PAT, having reported a loss of Rs 428.3 crore in the previous quarter.

The Indian business for the company experienced growth of 2.8 per cent, amounting to Rs 1,064.3 crore Y-o-Y. Glenmark posted impressive international numbers as well, with revenue from North America reaching Rs 808.5 crore, a growth of 22 per cent, and operations revenue from Europe surging 73.7 per cent to Rs 573.2 crore. This growth was supported by a strong generics portfolio and continued gains in market share in leading respiratory brands, as stated in the company's release.

Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals, commented, “We had yet another strong quarter both in terms of revenue and operating margins. The robust growth in sales was led by our branded markets in the Rest of the World (RoW) region. Our India business continued to significantly outperform industry growth rates.” He further added, “Going forward, our goal remains to sustain the momentum, as RYALTRIS (Nasal Spray) continues to meaningfully contribute across all the covered markets.”

For this quarter, revenue originating from the RoW region amounted to Rs 551.2 crore, displaying a growth of 30.4 per cent compared to the preceding corresponding quarter's figure of Rs 422.6 crore.