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Glenmark Pharmaceuticals announced Q1FY24 results:
- Europe Business grew by 73.7% to Rs 5,732 million.
- ROW Business grew by 30.4% to Rs 5,512 million.
- North America Business grew by 22% to Rs 8,085 million.
- India's Business grew by 2.8% to Rs 10,643 million.
- EBITDA of Rs 6,312 million grew by 46.2% YoY, with margins of 18.6%.
- Consolidated revenue was at Rs 34,016 million as against Rs 27,773 million recording an increase of 22.5% YoY.
- Profit After Tax (PAT) for Q1FY24 was at Rs 1,731 million.
“We had yet another strong quarter both in terms of revenue and operating margins. The robust growth in sales was led by our branded markets in the RoW region. Our Europe business performed significantly well on the back of a strong generics portfolio and continued gains in market share, in our leading respiratory brands. Our North American business remained stable, and our India business continued to significantly outperform industry growth rates. We also had our GHG emission targets certified by the Science Based Targets initiative (SBTi) giving us an impetus to further pursue our ESG goals, while also benchmarking us at a global scale.” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.
He further added, “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.”
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