Glenmark Life Sciences Q1 profit rises to Rs 100.9 cr; revenue up 32.2%

Glenmark Life Sciences Limited, a subsidiary of Glenmark Pharmaceuticals Limited, has reported Rs 100.9 crore net profit for the April-June quarter, recording a growth of 24.5 per cent against the first quarter of the previous financial year. Glenmark Life Sciences registered revenue from operations of Rs 524.9 crore, recording YoY growth of 32.2 per cent.

The company's revenues from the generic API segment increased 38.3 per cent YoY to Rs 4,803 crore during the quarter driven by growth across all geographies. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood Rs 1,644.4 crore for the first quarter growing at 17.9 per cent YoY.

The company's EBITDA margin for the quarter stood at 31.3 per cent. "Our generic API business has delivered robust growth across all geographies. Increased demand in both regulated and emerging markets have fuelled this growth. However, the CDMO business, being cyclical, was affected due to the phasing of customer orders this quarter and we expect it to pick up the pace again from Q2 FY22," said Yasir  Rawjee, MD & CEO, Glenmark Life Sciences.

Bhavesh Pujara, CFO, Glenmark Life Sciences Limited, said the company's focus on cost reduction projects and cost controls have helped it overcome headwinds on raw material prices. "The company filed 9 DMF/CEPs across major markets (i.e. United States, Europe, Japan, Russia, Brazil, South Korea, Taiwan, Canada, China and Australia) during Q1 FY22 and cumulative filing stands at 407 as of 30th June 2021," the company said.

Glenmark Life Sciences has a portfolio of over 120 molecules and supplies its products to customers in India, Europe, North America, Latin America, Japan, among others. Glenmark Life Sciences Ltd stock closed at Rs 756 today, up Rs 4.05 or 0.54 per cent, compared to Rs 751.95 during the previous session on the NSE.

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