Gland Pharma’s Q3 PAT Slips 17% YoY

The company’s revenue from operations during the quarter has declined by 12 per cent at Rs 938.3 crore as compared to corresponding quarter of the previous year at Rs 1063.3 million

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Gland Pharma reported a 17 per cent decline in profit after tax PAT to Rs 231.9 crore from Rs 273.0 crore in the year ago period, indicating the waning of frantic dependency on medicines in FY23.

The company’s revenue from operations during the quarter has declined by 12 per cent at Rs 938.3 crore as compared to corresponding quarter of the previous year at Rs 1063.3 million.

Revenue from the core market which constitutes USA, Europe, Canada, Australia, and New Zealand, also took a dip of 11 per cent on year, led by decrease of 11 per cent from quarter ended September 2022.

The total R&D expense for Q3FY23 was Rs 51.2 crore which is 5.5 per cent of revenue. During nine months period of current financial year, the Company has incurred Rs 1,33.6 crore in R&D which is 4.7 per cent of revenue, said the statement from the company.

Total Capex incurred during the quarter was Rs 42.7 crore. During nine months, ended December 31, 2022, total Capex incurred was Rs 125.3 crore, the company added.

The year-on-year EBITDA for the company also incurred a dip of 11 per cent from Rs 3,946 crore in FY22 to Rs 3511 crore in FY23.