Gland Pharma Q4 Review – Strong Growth Across Geographies To Drive Profitability: Axis Securities

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Gland Pharma Ltd. reported a good set of numbers with revenue for the Q4 FY22 growing by 24.3% on a YoY basis. The strong growth was majorly driven by robust performance in the emerging markets as well as the Indian market while core markets reported an encouraging 15.0% growth.

Gland Pharma’s gross margins declined YoY at 50.6% due to changes in product mix and high inflation in raw materials.

Ebitda margins declined by 530 basis points YoY to 31.6% due to low gross margins. Adjusted profit after tax grew ~10% YoY to Rs 286 crore, aided by higher other Income.

While the core markets grew 15% YoY, new products and the existing portfolio added growth of 5% and 2.5% respectively which stood above our estimates.

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