Gland Pharma Q1 net surges 50% to ₹216 crore
The higher net profit came on a more than 7% increase in the revenue from operations to ₹1,505.6 crore (₹1,401.7 crore). Market wise performance numbers showed the Hyderabad-based generic injectable-focused company's revenue from the U.S. declined 2% to ₹744.3 crore (₹762.8 crore).
Sales to Canada, Australia and New Zealand (Other Core Markets) increased 65% to ₹73.9 crore (₹44.7 crore), while revenue from Europe went up 29% ₹330.2 crore (₹256.6 crore). In India, sales rose 13% to ₹59.4 crore (₹52.7 crore). Revenue from the Rest of World market increased 5% to ₹297.8 crore (₹284.9 crore).
A strong performance in the company's base business and a turnaround at Cenexi, the French firm that Gland acquired a few years ago, were behind the revenue growth and jump in profitability, Executive Chairman Srinivas Sadu said.
'These results show our strategic priorities are progressing. We are strengthening our capabilities, adding new capacity and boosting research and development with complex products and key partnerships,' he said in a release.
CEO Shyamakant Giri said, 'by enhancing our base business, investing in differentiated products and driving operational efficiencies, we are positioning ourselves for sustained growth.'
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