Gland Pharma's shares experienced a notable increase of 11.3% to reach Rs 1,999.35 per share on the BSE following the release of its strong quarterly financial results for the January-March period of FY24. The company's consolidated net profit more than doubled, showing a 145% jump to Rs 192.4 crore compared to the same period in the previous fiscal year.
The pharmaceutical firm saw a substantial surge in its revenue, which climbed by 96% to Rs 1,537.5 crore from Rs 785 crore in the corresponding quarter of the previous year. Additionally, the Ebitda rose to Rs 358.7 crore from Rs 168.4 crore, with Ebitda margins expanding to 23% in the March quarter compared to 21% in the previous year. Research and development expenses for the quarter amounted to Rs 43.6 crore, representing 3.7% of the company's revenue, and during this period, Gland Pharma filed 4 ANDAs and obtained approval for 6 ANDAs. Moreover, the company's Board recommended a final dividend of Rs 20 per equity share.
On an annual basis, Gland Pharma recorded a 56% increase in revenues year-on-year, reaching Rs 5,664 crore in FY24 compared to Rs 3,624 crore in FY23. Although the company's profit after tax decreased by 1% in FY24 to Rs 772 crore from Rs 781 crore in FY23, its Ebitda margins improved to 24% from 28% in the previous fiscal year. As of 10:30 PM, the company's stock price was up 4.26% at Rs 1,872 per share on the BSE, while its year-to-date performance showed a 2% decline and a 9.6% surge in the last six months. Gland Pharma is currently trading with a price to earnings valuation of approximately Rs 38.49 times.