For the quarter ending Dec 2021, consolidated Net sales (including other operating income) of Gland Pharma has increased 23.73% to Rs 1063.33 crore compared to quarter ending Dec 2020.
Operating profit margin has jumped from 30.75% to 32.81%, leading to 32.04% rise in operating profit to Rs 348.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.29% to 45.14%. Purchase of finished goods cost rose from 0.31% to 0.46%. Employee cost decreased from 8.97% to 7.91%. Other expenses rose from 11.59% to 12.59%. Power and Oil fuel cost rose from 2.11% to 2.35%.
Other income rose 30% to Rs 45.67 crore. PBIDT rose 31.80% to Rs 394.57 crore. Provision for interest rose 1.72% to Rs 1.18 crore.
PBDT rose 31.92% to Rs 393.39 crore. Provision for depreciation rose 11.45% to Rs 27.83 crore.
Profit before tax grew 33.79% to Rs 365.56 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 92.53 crore, compared to Rs 69.13 crore. Effective tax rate was 25.31% compared to 25.30%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 33.77% to Rs 273.03 crore.
Promoters' stake was 58.00% as of 31 December 2021 ,compared to 58.36% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Gland Pharma has increased 28.06% to Rs 3297.69 crore.
Operating profit margin has declined from 37.84% to 35.23%, leading to 19.21% rise in operating profit to Rs 1,161.80 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.77% to 45.20%. Purchase of finished goods cost rose from 0.43% to 0.53%. Employee cost decreased from 8.34% to 7.65%. Other expenses rose from 9.56% to 10.26%. Power and Oil fuel cost rose from 1.98% to 2.19%.
Other income rose 81.25% to Rs 158.7 crore. PBIDT rose 24.33% to Rs 1320.5 crore. Provision for interest rose 34.31% to Rs 3.21 crore.
PBDT rose 24.31% to Rs 1317.29 crore. Provision for depreciation rose 7.26% to Rs 79.22 crore.
Profit before tax grew 25.58% to Rs 1,238.07 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 312.31 crore, compared to Rs 249.31 crore. Effective tax rate was 25.23% compared to 25.29%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 25.69% to Rs 925.76 crore.
Promoters' stake was 58.00% as of 31 December 2021 ,compared to 58.36% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Gland Pharma has increased 31.51% to Rs 3462.88 crore.
Operating profit margin has jumped from 36.29% to 37.61%, leading to 36.29% rise in operating profit to Rs 1,302.22 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 41.30% to 46.81%. Purchase of finished goods cost fell from 0.71% to 0.43%. Employee cost decreased from 10.52% to 8.33%. Other expenses fell from 11.29% to 9.57%. Power and Oil fuel cost fell from 2.97% to 2.00%.
Other income fell 3.15% to Rs 134.78 crore. PBIDT rose 31.28% to Rs 1437 crore. Provision for interest fell 52.51% to Rs 3.41 crore. Loan funds rose to Rs 5.00 crore as of 31 March 2021 from Rs 4.07 crore as of 31 March 2020. Inventories rose to Rs 1,275.17 crore as of 31 March 2021 from Rs 756.28 crore as of 31 March 2020. Sundry debtors were higher at Rs 670.97 crore as of 31 March 2021 compared to Rs 601.79 crore as of 31 March 2020. Cash and bank balance rose to Rs 3,005.75 crore as of 31 March 2021 from Rs 1,325.19 crore as of 31 March 2020.
PBDT rose 31.83% to Rs 1433.59 crore. Provision for depreciation rose 4.43% to Rs 98.78 crore. Fixed assets increased to Rs 1,292.04 crore as of 31 March 2021 from Rs 1,156.57 crore as of 31 March 2020.
Profit before tax grew 34.44% to Rs 1,334.81 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 337.85 crore, compared to Rs 220.01 crore. Effective tax rate was 25.31% compared to 22.16%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 29% to Rs 996.96 crore.
Equity capital increased from Rs 15.50 crore as of 31 March 2020 to Rs 16.36 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00.
Promoters' stake was 58.25% as of 31 March 2021
Cash flow from operating activities decreased to Rs 604.93 crore for year ended March 2021 from Rs 700.94 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 228.78 crore, compared to Rs 194.66 crore during the year ended March 2020.
Other Highlights
In Q3 FY22, core markets (USA, Europe, Canada and Australia) grew 10% to Rs 665.2 crore, India grew 31% to Rs 195 crore and ROW grew 88% to Rs 203.1 crore on YoY basis.
In 9M FY22, core markets (USA, Europe, Canada and Australia) grew 17% to Rs 2034.2 crore, India grew 40% to Rs 605.6 crore and ROW grew 64% to Rs 402 crore on YoY basis.
The total R&D expense for Q3FY22 was Rs 69.9 crore which is 6.6% of revenue and for 9MFY22 the total R&D expense was Rs 171.4 crore which is 5.2% of revenue.
During the quarter ended December 31, 2021, the Company has filed 18 ANDAs (Abbreviated New Drug Application) , 3 DMFs (Drug master files) and received 4 ANDA approvals.
Total Capex incurred during the quarter ended December 31, 2021 was Rs 126.1 crore. During the nine months period, the Company incurred Capex of Rs 454.7 crore
The India sales stood at 18% of its revenue for Q3 FY22. Of these, sales for domestic market stood at 6% of revenue and sales for export markets (primarily US market) stood at 12% of revenue.
Company is exploring acquisition opportunities to help expedite the complex product development process.
Management Commentary: Mr. Srinivas Sadu, MD & CEO of Gland Pharma said Gland Pharma has managed to continue the growth momentum during the quarter, reporting a PAT of Rs 2,730 Mn, a yoy growth of 34% and a revenue of Rs 10,633 Mn, a yoy growth of 24%. The revenue for 9M FY22 registered a yoy growth of 28%, with a PAT growth of 26% during the same period. While our key market USA grew by 23% during the quarter, our focus on geographical diversification is showing robust results with a yoy growth of 88% in the Rest of the World markets during the quarter. In alignment with our strategic priorities, we completed four complex injectable filings and a total of eighteen ANDA filings during the quarter. We are starting this new year with renewed optimism to accomplish many more milestones.
Gland Pharma : Consolidated Results
| Quarter ended | Year to Date | Year ended |
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
| Net Sales (including other operating income) | 1,063.33 | 859.42 | 23.73 | 3,297.69 | 2,575.13 | 28.06 | 3,462.88 | 2,633.24 | 31.51 |
| OPM (%) | 32.81 | 30.75 | 207 bps | 35.23 | 37.84 | -261 bps | 37.61 | 36.29 | 132 bps |
| OP | 348.9 | 264.24 | 32.04 | 1,161.80 | 974.55 | 19.21 | 1,302.22 | 955.47 | 36.29 |
| Other Inc. | 45.67 | 35.13 | 30 | 158.7 | 87.56 | 81.25 | 134.78 | 139.17 | -3.15 |
| PBIDT | 394.57 | 299.37 | 31.8 | 1,320.50 | 1,062.11 | 24.33 | 1,437.00 | 1,094.64 | 31.28 |
| Interest | 1.18 | 1.16 | 1.72 | 3.21 | 2.39 | 34.31 | 3.41 | 7.18 | -52.51 |
| PBDT | 393.39 | 298.21 | 31.92 | 1,317.29 | 1,059.72 | 24.31 | 1,433.59 | 1,087.46 | 31.83 |
| Depreciation | 27.83 | 24.97 | 11.45 | 79.22 | 73.86 | 7.26 | 98.78 | 94.59 | 4.43 |
| PBT | 365.56 | 273.24 | 33.79 | 1238.07 | 985.86 | 25.58 | 1334.81 | 992.87 | 34.44 |
| Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| PBT before EO | 365.56 | 273.24 | 33.79 | 1238.07 | 985.86 | 25.58 | 1334.81 | 992.87 | 34.44 |
| EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| PBT after EO | 365.56 | 273.24 | 33.79 | 1238.07 | 985.86 | 25.58 | 1334.81 | 992.87 | 34.44 |
| Taxation | 92.53 | 69.13 | 33.85 | 312.31 | 249.31 | 25.27 | 337.85 | 220.01 | 53.56 |
| PAT | 273.03 | 204.11 | 33.77 | 925.76 | 736.55 | 25.69 | 996.96 | 772.86 | 29 |
| Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Net profit | 273.03 | 204.11 | 33.77 | 925.76 | 736.55 | 25.69 | 996.96 | 772.86 | 29 |
| P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Net profit after discontinued operations | 273.03 | 204.11 | 33.77 | 925.76 | 736.55 | 25.69 | 996.96 | 772.86 | 29 |
| EPS (Rs)* | 16.62 | 12.42 | 33.77 | 56.34 | 44.83 | 25.69 | 60.68 | 47.04 | 29 |
* EPS is on current equity of Rs 16.43 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database |
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