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Business News/ Companies / Company Results/  Glenmark Pharmaceuticals Q4 Results: Net loss widens to 1,238.6 crore, revenue up 2% YoY; dividend declared
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Glenmark Pharmaceuticals Q4 Results: Net loss widens to ₹1,238.6 crore, revenue up 2% YoY; dividend declared

Glenmark Pharmaceuticals Q4 Results: The pharma major's revenue from operations in the fourth quarter of FY24 rose two per cent to ₹3,063 crore

Glenmark Pharmaceuticals Ankleshwar Plant in Gujarat, IndiaPremium
Glenmark Pharmaceuticals Ankleshwar Plant in Gujarat, India

Glenmark Pharmaceuticals Q4 Results: Glenmark Pharmaceuticals announced its January-March quarter results for fiscal 2023-23 (Q4FY24) on Friday, reporting a net loss of 1,238.6 crore, compared to a net loss of 549.4 crore in the corresponding period last year. The global pharma major's revenue from operations in the fourth quarter of FY24 stood at 3,063 crore, compared to 3,000.5 crore reported in the year-ago period.

At the operational level, Glenmark Pharma's earnings before interest, taxes, depreciation and amortisation (EBITDA) for the March quarter rose 26.7 per cent to 504.2 crore, compared to 398 crore in the corresponding period last year. EBITDA margin improved to 16.5 per cent from 13.3 per cent annually

Also Read: Torrent, Glenmark lead Indian pharma market growth. Sun, Cipla, Lupin are among other notable gainers

Glenmark Pharmaceuticals Q4 Results - Key Metrics

The pharma company's board recommended a dividend of 250 per cent, i.e. Rs. 2.5 per share (face value of Re. 1 each) on the equity share capital for the financial year 2023-24 subject to the approval of the shareholders at the annual general meeting, according to the stock exchange filing.

Sales from the formulation business in India for the March quarter recorded a growth of 12.9 per cent. In terms of secondary sales, Glenmark’s India business continued to outperform the overall industry in terms of growth. As per IQVIA March 2024 data, Glenmark’s India formulation business recorded growth of 11.4 per cent in the fourth quarter. The Indian Pharmaceutical Market (IPM) grew by 5.6 per cent in the same quarter.

Also Read: Glenmark Pharmaceuticals recalls 6,528 bottles of high blood pressure medication in US market

North America's business registered a revenue decline of 12.4 per cent in the March quarter, while Europe's business grew marginally by 0.9 per cent. In FY24, Glenmark’s Europe business registered a growth of 33.7 per cent for the full year. Glenmark’s rest of the world (RoW) business recorded a growth of 16.1 per cent, driven by all key markets.

Among its key objectives for FY25, Glenmark targets double-digit profit margin. Ahead of the announcement of Q4FY24 results, shares of Glenmark Pharmaceuticals settled 0.71 per cent higher at 1,035.40 apiece on the BSE.

“This past year has been a period of significant transition and transformation for Glenmark. We successfully divested a majority stake in Glenmark Life Sciences, concluding the year in a strong net cash positive position,'' said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd.

‘’Our branded markets continued to deliver robust growth, particularly in Europe and other key international markets. While we encountered some headwinds in our US business, we remain optimistic about ability to regain our growth trajectory in the coming year," added Saldanha.

 

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Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 24 May 2024, 09:19 PM IST
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