Gland Pharma’s Q2FY22 Revenue grew by 30% with Net Profit growth of 38%.
Gland Pharma Limited (BSE: 543245 I NSE: GLAND), a generic injectable focused pharmaceutical company, today announced its financial results for the second quarter and half year ended September 30, 2021.
Commenting on the results, Mr. Srinivas Sadu, MD & CEO of Gland Pharma said “We delivered a strong performance this quarter Q2 FY22, with a revenue of ₹ 10,805 million, which is a y-o-y revenue growth of 30%. With a PAT of ₹ 3,021 million, we saw a y-o-y PAT growth of 38% for the quarter. 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 hospitalizations, we observed a shift in product mix. 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.”
The growth in revenue was on account of launch of new products# and growth in existing products.
Our key markets, US, Canada, Europe and Australia registered a growth of 25% and accounted for 62% of our revenue during Q2FY22. The strength of our wide portfolio helped us to sustain growth amidst changing market demand as COVID-19 hospitalizations declined.
Rest of the World markets have seen a robust growth of 59% in line with our increased focus on geographic expansion. This is driven by increased penetration by forming new partnerships in various countries.
India accounted for 17% of Q2FY22 revenue and witnessed a 19% Y-o-Y growth for the quarter.
Research and Development:
The total R&D expense for Q2FY22 was ₹578 million which is 5.3% of revenue and for H1FY22 the total R&D expense was ₹1,015 million which is 4.5% of revenue. We opened our new R&D centre, and expanded our R&D team having capabilities in development of complex APIs.
During the quarter ended September 30, 2021, the Company has filed 5 ANDAs, 3 DMFs and received 5 ANDA approvals.
As on September 30, 2021, the Company along with its Partners have filed total 291 ANDAs, out of which 244 were approved and 47 are pending approval.
Total Capex incurred during the quarter ended September 30, 2021 was ₹ 1,429 million.
# includes products where launch quantity is dispatched to our partners