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HomeMarketStocksGlenmark Q2 Results: Net profit rises 1.4% YoY to Rs 278 crore

Glenmark Q2 Results: Net profit rises 1.4% YoY to Rs 278 crore

Drug maker Glenmark on Friday reported 1.4% year-on-year (YoY) rise in internet revenue to Rs 278 crore within the quarter ended September 30. The online revenue was Rs 275 crore within the corresponding quarter of the earlier 12 months.

Revenues rose 7.2% YoY to Rs 3,375 crore throughout Q2FY23 as in opposition to Rs 3,147 crore in Q2FY22. Earnings earlier than curiosity, depreciation and taxes (EBITDA) rose 5.3% YoY to Rs 622 crore.

The EBITDA margin dropped 40 foundation factors YoY to 18.4% in Q2FY23. R&D bills rose 0.3% to Rs 330 crore throughout Q2FY23, constituting about 9.8% of

gross sales.

Gross sales from the India formulation enterprise for the second quarter had been at Rs 1,092 crore, recording YoY progress of 12.7%. North America revenues had been flat at Rs. 753 crore in Q2FY23. Europe revenues rose 12% YoY to Rs 338 crore, whereas the rest-of-the-world (RoW) revenues declined 17.8% to 615 crore.

“We delivered one more quarter of constant progress, with our relentless give attention to launching differentiated merchandise in our core therapeutic areas,” mentioned Glenn Saldanha, chairman and managing director of Glenmark.

“Our India enterprise recorded robust double‐digit progress and our Europe enterprise additionally carried out very properly despite a difficult macro‐financial surroundings, we look ahead to launching new merchandise throughout markets and constructing international scale in our respiratory portfolio. We stay centered in reaching our strategic aims for the monetary 12 months,” Saldanha mentioned.

Glenmark has launched its novel drug Ryaltris within the US via its accomplice Hikma, its Canadian accomplice, Bausch Well being, acquired advertising approval from Well being Canada with an anticipated launch throughout the second half of the monetary 12 months.

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