Companies

Gland Pharma Q1 net up 12 per cent to ₹350.7 cr

PTI New Delhi | Updated on July 21, 2021

A view of Gland Pharma's sterile injectable facility in Pashamylaram, Hyderabad   -  Gland Pharma website

The company's key markets, the US, Canada, Europe, and Australia accounted for 61 per cent of revenue during the first quarter

Drug firm Gland Pharma on Wednesday reported an 11.83 per cent increase in its consolidated net profit to ₹350.7 crore for the quarter ended June 30, 2021, on account of robust sales in all markets. The company had posted a net profit of ₹313.6 crore for the corresponding period of the previous fiscal.

Consolidated revenue from operations of the company stood at ₹1,153.9 crore for the quarter. It was Rs ₹884.2 crore for the same period a year ago, it added.

"In spite of the challenges from the second wave of Covid in the country, in terms of manpower availability and supply chain bottlenecks, Gland Pharma has managed to deliver strong quarterly results," Gland Pharma Managing Director and Chief Executive Officer Srinivas Sadu said.

Revenue growth

The company's key markets, the US, Canada, Europe, and Australia registered a growth of 16 per cent and accounted for 61 per cent of revenue during the first quarter of the financial year 2021-22, Gland Pharma said.

India accounted for 20 per cent of the first quarter of the financial year 2021-22 revenue and witnessed a 77 per cent year-on-year growth for the quarter. To support the domestic market requirement during the second wave of Covid-19, the company ramped up the supply of essential drugs like remdesivir and enoxaparin, it added.

The rest of the World's markets have seen a robust growth of 51 per cent in line with the company's increased focus on geographic expansion, Gland Pharma said.

The company also said that its board has approved the appointment of Udo Johannes Vetter as an Independent Director, with effect from July 21, 2021, for a tenure of five years.

Published on July 21, 2021

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