Hot Pursuit     28-Apr-23
Glenmark Life spurts after Q4 PAT jumps 48% YoY to Rs 146 cr
Glenmark Life Sciences rallied 7.66% to Rs 515.95 after the company's net profit jumped 48% to Rs 146.36 crore on 20.9% rise in revenue from operations to Rs 621.32 crore in Q4 FY23 over Q4 FY22.
Profit before tax jumped 43.6% year on year to Rs 197.63 crore in Q4 FY23.

EBITDA stood at Rs 209.3 crore in Q4 FY23, registering the growth of 42.1% as compared with Rs 147.3 crore recorded in Q4 FY22. EBITDA margin was at 33.7% in Q4 FY23.

Generic API revenues stood at Rs 529.9 crore in Q4 FY23 increased 15.5% YoY. Steady growth momentum across regulated as well as emerging markets with strong recovery in GPL business and steady growth in external API business led the growth.

CDMO revenues at Rs 56.8 crore doubled sequentially and grew by 30.4% YoY in Q4 FY23. CDMO revenues were driven by pick-up in demand from one project which was affected by inventory rationalization

On capex front, the company said that the brownfield expansion for the Generic API products at Dahej facility is completed with 240 KL capacity. The brownfield expansion at Dahej for the Oncology plant is completed. Out of the 2 independent modules, one module is 100% commissioned.

Intermediate manufacturing block at the Ankleshwar site with a manufacturing capacity of 400 KL, of which 192 KL is commissioned and operational and balance 208KL will be operational in second half of FY24.

The company also stated that it has received environmental clearance for the installation of 1000 KL capacity along with CTE (consent to establish) for the planned greenfield site at Chincholi Industrial Area, Solapur and construction work will begin in FY24.

On full year basis, the company's consolidated net profit increased by 12.3% to Rs 351.58 crore on 22.6% jump in net sales to Rs 1,885.17 crore in FY23 over FY22.

Yasir Rawjee, managing director (MD) &chief executive officer (CEO), Glenmark Life Sciences, said, “At Glenmark Life Sciences we have concluded the financial year 2023 on a high note delivering revenue from operations of Rs 621 crore which grew by 15% on sequential basis and 21% YoY. The growth was driven by strong momentum in the Generic API business as well as significant recovery in demand in the CDMO business. Going forward we shall continue to focus on our strategy to prioritize investment into our growth pillars, build a strong pipeline of products and scale up our business to deliver sustainable long-term growth.”

Tushar Mistry, chief financial officer (CFO), Glenmark Life Sciences, said, ““It gives me pleasure to inform you that our strong growth was accompanied by better margins driven by higher contribution from CDMO business, better product mix, PLI benefit and lower input costs. On the balance sheet part, working capital has eased off during the quarter driven by lower inventory levels compared to previous quarter as well as higher payable days. Our cash generation remains strong during FY23 leading to stable debt free balance sheet with healthy cash.”

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, is a developer and manufacturer of select high-value, non-commoditised active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management, and diabetes.

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