Hyderabad-based Gland Pharma’s Q2 net profit up 38%

Hyderabad: Hyderabad-based Gland Pharma reported a 38 per cent increase in its net profit for the second quarter of FY22 ended September 30, 2021. The company also said it is on track to make four complex injectable filings in this financial year. Commenting on the results, Srinivas Sadu, MD & CEO of Gland Pharma said, […]

Hyderabad: Hyderabad-based Gland Pharma reported a 38 per cent increase in its net profit for the second quarter of FY22 ended September 30, 2021. The company also said it is on track to make four complex injectable filings in this financial year.

Commenting on the results, Srinivas Sadu, MD & CEO of Gland Pharma said, “We delivered a strong performance this quarter, with a revenue of Rs 1,080.5 crore, which is a y-o-y revenue growth of 30 per cent. With a PAT of Rs 302.1 crore, we saw a y-o-y PAT growth of 38 per cent for the quarter.”

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“We continue to focus on revenue diversification across geographies, which is helping us further improve our manufacturing efficiencies because of benefits from scale as well as de-risking the business. With declining Covid-19 hospitalisations, we observed a shift in product mix. Our wide therapeutic portfolio helped us to sustain growth despite changing market demand. Our R&D pipeline is helping us maintain strong momentum of new product launches. We are on track to make four complex injectable filings in this financial year.”

The company’s key markets, US, Canada, Europe and Australia registered a growth of 25 per cent and accounted for 62 per cent of our revenues during Q2FY22. The strength of our wide portfolio helped us to sustain growth amidst changing market demand as Covid-19 hospitalisations declined.

Rest of the world markets have seen a growth of 59 per cent in line with the company’s increased focus on geographic expansion. This is driven by increased penetration by forming new partnerships in various countries. India accounted for 17 per cent of Q2FY22 revenue and witnessed a 19 per cent Y-o-Y growth for the quarter.

During the quarter, the company has filed five ANDAs (abbreviated new drug applications), three DMFs (drug master files) and received five ANDA approvals. Total capex incurred during the quarter ended stood at Rs 142.9 crore.

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