Profit before tax declined 34.39% to Rs 129.67 crore in the quarter ended 31 March 2024 as compared with Rs 197.63 crore in the quarter ended 31 March 2023.

EBITDA stood at Rs 144.6 crore in Q4 FY24, registering the de-growth of 30.91% as compared with Rs 209.3 crore posted in corresponding quarter last year. In Q4 FY24, EBITDA margin reduced to 26.9% as against 33.7% in Q4 FY23.

During the quarter, Generic API Business fell 8.6% YoY to Rs 484.6 crore was impacted due to the Red Sea Crisis in external business and de-growth in GPL’s business.

CDMO business declined 37.7% to Rs 35.4 crore in Q4 FY24 as compared with Rs 56.8 crore in Q4 FY23.

Revenue from GPL business in Q4 FY24 dropped by 27.8% to Rs 166.7 crore as compared with Rs 230.9 crore in Q4 FY23. GPL business contributes 31% of the total revenue from operations. External business saw de-growth of 5.2% YoY on account of delay of shipments due to Red Sea crisis.

Regulated market witnessed 83% growth was driven by YoY growth in Europe and LATAM.

On Financial year 2024 basis, the company reported net profit marginally higher to Rs 470.9 crore in FY24 as compared with Rs 467 crore in FY23. Revenue from operations increased 5.6% YoY to Rs 2,283.2 crore in FY24.

During FY24, company generated strong free cash flow of Rs 284.5 crore leading to cash and cash equivalents of Rs 301.4 crore as of 31 March 2024.

Yasir Rawjee, MD & CEO, Glenmark Life Sciences, said, “FY24 was a milestone year for Glenmark Life Sciences, marked by the successful acquisition by Nirma. With Nirma's commitment and strategic vision, we are poised for accelerated growth and market positioning. We concluded the financial year on a positive note with revenue growth of 5.6% on full year basis, driven by regulated markets in external business. Our commitment to high-quality, innovative solutions and scalability will fuel sustainable long-term growth. These, coupled with a strong order book and demand visibility will ensure steady growth in FY25 and beyond.”

Tushar Mistry, CFO, Glenmark Life Sciences, said, “Despite global uncertainties and our integration efforts with Nirma, we achieved a revenue growth of 5.6% in FY24. Our annualized margins continue to be in the range of around 30% despite one-time costs such as bonuses and transaction expenses. Our strong free cash flow generation in FY24 has bolstered our financial standing, enabling continued growth while maintaining a debt-free balance sheet.”

In Q4FY24, 6 new products were added to the development grid, of which 4 products are High potent API (HP API) / Oncology class of drugs and 2 are synthetic small molecules. According to IQVIA MAT December 2023, the HP API portfolio now extends to 17 products with an addressable market of $37 billion. 3 products are validated, and 4 products are in advanced stage of development.

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.