Glenmark Pharma Q1 Results: Net profit drops 18% YoY to Rs 173 crore
Glenmark Pharma on Friday reported an 18% year-on-year (YoY) drop in net profit to Rs 173 crore in Q1FY24. The company attributed the net profit drop to an exceptional item of Rs 52 crore in the quarter that comprises remediation cost of manufacturing sites in India and Monroe (US). Revenue from operations rose 22.5% YoY to Rs 3402 crore in Q1FY24.
EBITDA grew 46.2% YoY to Rs 631 crore, while the EBITDA margins expanded 310 basis points YoY to 18.6%. The R&D expenditure declined 4.7% to Rs 284 crore in Q1FY24. India business grew by 2.8% YoY to Rs.
1064 crore. North America business grew by 22% to Rs. 809 crore.
Europe business rose by 73.7% to Rs. 573 crore and the rest-of-the-world (ROW) rose by 30.4% to Rs. 551 crore.
“We had yet another strong quarter both in terms of revenue and operating margins," said Glenn Saldanha, chairman and MD of Glenmark. “Going forward our goal remains to sustain the momentum, as Ryaltris continues to meaningfully contribute across all the covered markets. We also remain on track to achieve our objectives for FY24,” Saldanha said.
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