Gland Pharma Q3 net rises 32% to ₹204 crore

Gland Pharma Limited has posted robust results for the third quarter and nine months ended December 31, 2020 with the company logging a profit of ₹204 crore up 32 per cent over ₹154 crore it posted for the corresponding third quarter last year.

The pharma company posted revenues of ₹859.4 crore for the third quarter up 33 per cent over ₹645.9 crore for the corresponding quarter last fiscal.

For the nine months ended December 31, the company had a profit of ₹736.6 crore, up 27 per cent over ₹578 crore of same period last year. The revenue for nine months was up 27 per cent at ₹2,575 crore as against ₹1,998 crore for same period of previous fiscal.

Srinivas Sadu, MD & CEO of Gland Pharma, said: “Our growth momentum has continued in the third quarter and we reported revenue growth of 33 per cent and net profit growth of 32 per cent over the corresponding quarter of the previous year. The business growth drivers were new product launches, geographic expansion of business and volume growth in existing portfolio, which is in line with our strategy.”

During the nine months ended December 31, 2020, the company has filed 19 ANDAs, 5 DMFs and received 24 ANDA approvals. As on December, the company has filed 282 ANDAs, out of which 226 were approved and 56 are pending approval. The company has launched 41 products comprising 23 molecules during the period.

Capital expenditure

The company incurred a total capex of ₹182.6 crore during the nine months ended December 31, 2020. The company is expanding its sterile injectable facility located in Hyderabad and is enhancing its production capacity for both APIs and finished formulations.