Glenmark announces Q2 FY20-21 results

Glenmark outs financial results for the second quarter ended Sept 30, 2020

Mumbai (Maharashtra) [India] : Glenmark Pharmaceuticals Limited, a research-led global integrated pharmaceutical company, today announced its financial results for the second quarter ended Sept 30, 2020.

For the second quarter of FY 2020-21, Glenmark’s consolidated revenue was at Rs 29,524.79 Mn as against Rs 28,150.40 Mn recording an increase of 4.88 per cent. Consolidated EBITDA (excluding other income) was at Rs. 5699.27 Mn. in the quarter ended Sept 30, 2020, as against Rs 4,504.08 Mn in the previous corresponding quarter, registering an increase of 26.54 per cent. Forex loss to the extent of Rs. 171.14 mn was recorded in other expenditure for the second quarter of this financial year.

Consolidated Net Profit was at Rs 2339.93 Mn for the quarter ended Sept 30, 2020, as compared to Rs 2,555.42 Mn in the previous corresponding quarter. The Net Profit is not comparable on account of forex gain recorded in the previous corresponding quarter of the financial year 19-20.

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“Our relentless focus on costs and new product introductions during these challenging times have helped increase revenue and operating profit in the second quarter of this financial year. India and the API business performed well along with Europe and the ROW region,” said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Ltd. He further added, “Even though the global macroeconomic environment continues to remain challenging due to the ongoing pandemic, our manufacturing and supply chain teams continue to work tirelessly to serve the needs of our patients all over the world. We hope that our efforts will sustain the momentum the business has garnered during the second quarter through the course of this financial year.”

GLENMARK PHARMACEUTICALS LTD (GPL)

India
Sales from the formulation business in India for the Second Quarter of FY 2020-21 was at Rs. 10506.91 Mn (USD 141.38 Mn) as against Rs 8,963.56 Mn (USD 127.65 Mn) in the previous corresponding quarter, recording growth of 17.22 per cent.
USA
Glenmark Pharmaceuticals Inc., USA registered revenue from the sale of finished dosage formulations of Rs 7521.77 Mn (USD 101.42 Mn) for the quarter ended Sept 30, 2020 as against revenue of Rs 8478.26 Mn (USD 120.72 Mn) for the previous corresponding quarter, recording decline in revenue by (11.28) per cent.
Africa, Asia and CIS Region (ROW)
For the second quarter of FY 2020-21, revenue from Africa, Asia and CIS region was Rs.3805.87 Mn (USD 51.13 Mn) as against Rs. 3,487.98 Mn (USD 49.70 Mn) for the previous corresponding quarter, recording growth of 9.11 per cent.
Europe
Glenmark Europe’s operations revenue for the second quarter of FY 2020-21 was at Rs. 3181.27 Mn (USD 42.85 Mn) as against Rs. 2,850.90 Mn (USD 40.60 Mn) recording growth of 11.59 per cent.
Latin America
Glenmark’s revenue from its Latin American and Caribbean operations was at Rs. 983.51 Mn (USD 13.23 Mn) for the second quarter of FY 2020-21, as against Rs. 1,212.41 Mn (USD 17.28 Mn), recording revenue decline of (18.88) per cent.

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GLENMARK LIFE SCIENCES LTD (GLS)
For the second quarter of the financial year, Glenmark Life Sciences Limited registered consolidated revenue including captive sales of Rs 5192 Mn (USD 69.44 Mn) as against Rs 3710 Mn (USD 53.08 Mn), recording a growth of 39.9 %. For the first half of the financial year, Glenmark Life Sciences consolidated revenue including captive sales was Rs. 9179 Mn (USD 122.76 Mn) as against Rs. 7032 Mn (USD 100.62 Mn), recording growth of 30.5 per cent. The operating margin for Glenmark Life Sciences was 29.03 per cent for the first half of this financial year.

For the second quarter of FY 2020-21, external sales for Glenmark Life Sciences was at Rs.3213.35 Mn (USD 43.23 Mn) as against Rs 2,697.81 Mn (USD 38.42 Mn), recording growth of 19.11 per cent over the corresponding period last year.