Gland Pharma shares fell 17.62% to Rs 1891.00 after the pharma company’s consolidated net profit declined 20.1% to Rs 241.24 crore and a 3.3% drop in net sales to Rs 1,044.40 crore in Q2 FY23 compared to Q2 FY22.

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Consolidated profit before tax was Rs 324.08 crore in the quarter that ended 30 September 2022, a 19.1% decrease from Rs 400.67 crore in the same period the previous year. EBITDA fell 15% to Rs 362.5 crore in Q2 FY23, compared to Rs 427.8 crore in Q2 FY22. EBITDA margin fell to 33% in Q2 FY23 from 38% in Q2 FY22. 

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PAT margin fell to 29% in Q2 FY23 from 35% in the prior year’s corresponding quarter. The pharma company’s core markets (the United States, Europe, Canada, and Australia) increased 3% to Rs 747.5 crore in Q2 FY23, up from Rs 722.5 crore in Q2 FY22. During the quarter, core markets accounted for 72% of revenue growth, up from 67% in Q2FY22. 

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In Q2 FY23, revenue from the Indian market fell 42% to Rs 72.6 crore. The Indian market accounted for 7% of Q2FY23 revenue, down from 12% in Q2FY22. Input costs remained high owing to supply-side problems for the core portfolio, which impacted sales. 

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“We closed this quarter Q2 FY23, with a revenue of Rs 1,044.4 crore and a PAT of Rs 241.2 crore. We continue to make investments in R&D and were able to complete 6 ANDA filings during this quarter. Although we have seen increased competition in our new products, we remain confident of our launch pipeline that will ensure sustainable growth. We are seeing positive momentum in our Biologics/Biosimilar CDMO business,” said Srinivas Sadu, MD & CEO of Gland Pharma.

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Rest of World revenue fell 3% to Rs 224.3 crore in the quarter that ended 30 September 2022. The rest of the World markets contributed 21% of Q2 FY23 revenue, keeping a comparable level of revenue contribution as in Q2 FY22. The company has seen a rebound in its major market in the Middle East and North Africa (MENA).