Equity

EBITDA for Q4 FY21 stood at Rs 374.9 crore, rising 31% from Rs 286.1 crore in Q4 FY20. EBITDA margin fell to 40% in Q4 FY21 from 42% in Q4 FY20.

The company registered a stable growth in markets of USA, Europe, Canada and Australia during the quarter and for the full year ended 31 March 2021 on back of new launches and volume growth in existing portfolio supported by the increased capacity. Revenue from USA, Europe, Canada and Australia (core markets) jumped 29% year on year (YoY) to Rs 619.3 crore in Q4 FY21.

Revenue from rest of the world (ROW) surged 196% YoY to Rs 143.60 crore in Q4 FY21. The company has reported a strong growth in ROW market driven by new partnerships and increased penetration geographically. The company has entered new markets like Singapore, Israel, Saudi Arabia, and CIS Countries.

Revenue from India business rose 15% YoY to Rs 124.8 crore in Q4 FY21. The company said it has ramped up Remdesivir supply and maintained sufficient supply of Enoxaparin to support the requirement of COVID patients.

The total R&D expense for Q4 FY21 stood at Rs 30.4 crore as compared to Rs 17.3 crore in the same period of previous financial year. As of 31 March 2021, the company has filed total 284 ANDAs, out of which 234 were approved and 50 are pending approval.

The drug maker posted a 29% jump in net profit to Rs 997 crore for the year ended March 2021 (FY21) as against Rs 772.9 crore registered in the year ended March 2020 (FY20). Revenue from operations grew 32% to Rs 3462.90 crore in FY21 over FY20.

Commenting on the results, Srinivas Sadu, MD & CEO of Gland Pharma said, Overall the business has performed well and grew steadily during these challenging times. For the financial year 2020-21, we witnessed a revenue growth of 32% and net profit growth of 29% compared to the previous year. The Company continued to maintain a healthy margin profile with EBITDA margin at 40% and PAT margin at 28%. New product launches, volume growth in our existing portfolio, along with geographic expansion has led to strong business growth across all markets. Our new Vaccine business is expected to accelerate our long-term strategy of entering into Biosimilar space.

Total Capex incurred during the financial year ended 31 March 2021 was Rs 228.8 crore compared to Rs 194.7 crore for the previous financial year. The company is expanding its sterile injectable facility located in Hyderabad. It is also enhancing its production capacity for APIs in Vizag and adding capacity in its oncology facility to take care of the planned launches in forthcoming years. Additionally, the company will be investing in the drug substance and biologics facility for creating robust infrastructure in vaccine and bio-similar space.

Hyderabad-based Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. It operates primarily under a business to business (B2B) model and it engaged in development, manufacturing and marketing of complex injectables.

Shares of Gland Pharma fell 3.3% to close at Rs 2787.05 on Monday.

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