Gland Pharma to announce four complex injectables during FY22; Q2 profit rises 38%

Hyderabad-based pharmaceutical company Gland Pharma announced that it will announce four new complex injectables during the current financial year. The generic-injectable-focused company reported a 38 per cent rise in profit after tax on annual basis at ₹302.1 crore for the second quarter of financial year 2021-22, as opposed to ₹218.9 crore in the year-ago period.

“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,” said Srinivas Sadu, MD and CEO of Gland Pharma.

“Our wide therapeutic portfolio helped us to sustain growth despite changing market demand. Our rich 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,” he further added.

Sadu's comments came as Gland Pharma announced its financial results for the quarter ended September 30, 2021. The company posted 30 per cent rise in revenue from operations during the quarter under review at ₹1,080.5 crore, compared to ₹831.5 crore year ago.

Total income increased 33 per cent during this period to ₹1,131.7 crore from ₹851.9 crore in the same period last year. The growth in revenue was on account of launch of new products and growth in existing products, Gland Pharma said.

EBITDA increased to ₹427.8 crore from ₹318.1 crore, marking a year-on-year growth of 35 per cent. EBITDA Margin during Q2 FY22 stood at 38 per cent. Profit after tax (PAT) margin was 27 per cent. Total capital expenditure incurred during the quarter ended September 30, 2021 was ₹142.9 crore.

The company registered a growth of 25 per cent in key markets, which accounted for 62 per cent of during Q2 FY22. India accounted for 17 per cent  of Q2FY22 revenue and witnessed a 19 per cent y-o-y growth for the quarter.

“Rest of the World markets have seen a robust growth of 59 per cent in line with our increased focus on geographic expansion. This is driven by increased penetration by forming new partnerships in various countries,” the company said in a regulatory filing.

Gland Pharma ended Friday's trade at ₹3,720 on BSE, rising 102.10 points or 2.82 per cent.