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Glenmark Life’s shares fall 9% after net profit slides 33% in FY24Q4
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased 31.7% to ₹141.3 crore as against ₹206.9 crore recorded in the fourth quarter of the previous year. The EBITDA margin for the quarter under review stood at 26.3%, down from 33.3% in the same quarter last year.
Glenmark Life Sciences announced its quarterly earnings report for the fourth quarter of the fiscal year 2023-24 on Thursday, April 25. The net profit for the fourth quarter stood at ₹98 crore, a decrease of 33% compared to ₹146.3 crore reported in the same quarter last year. The revenue also witnessed a downturn, declining 13.6% at ₹536.5 crore compared to ₹621.3 crore in the corresponding quarter of the previous fiscal.
#4QWithCNBCTV18 | Glenmark Life reports #Q4 earnings👇
➡️Net profit down 33% at ₹98 cr vs ₹146.3 cr (YoY)
➡️Revenue down 13.6% at ₹536.5 cr vs ₹621.3 cr (YoY)
➡️EBITDA down 31.7% at ₹141.3 cr vs ₹206.9 cr (YoY)
➡️Margin at 26.3% vs 33.3% (YoY) pic.twitter.com/1KKomHDYht— CNBC-TV18 (@CNBCTV18Live) April 25, 2024
The earnings before interest, taxes, depreciation, and amortisation (EBITDA) decreased 31.7% to ₹141.3 crore as against ₹206.9 crore recorded in the fourth quarter of the previous year. The EBITDA margin for the quarter under review stood at 26.3%, down from 33.3% in the same quarter last year.
The company has signed a multi-year agreement with an innovative company to supply API. This agreement is expected to start in the third quarter of the financial year 2025. Glenmark Life’s generic API business has been impacted by the Red Sea crisis and a decline in Glenmark Pharma’s business.
The company’s generics segment posted a revenue of ₹484.6 crore. The Contract Development and Manufacturing Organisation reported a revenue of ₹35.4 crore, whereas the Glenmark Pharma business posted a 8% sequential growth.
This was the first quarter after Nirma’s takeover. Nirma in September last year signed a share purchase agreement with Glenmark Pharmaceuticals and Glenmark Life Sciences to acquire around 74.84% stake in Glenmark Life at ₹615 per share, aggregating to around ₹5,652 crore.
Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, develops and manufactures select, high-value active pharmaceutical ingredients (APIs) in chronic therapeutic areas such as cardiovascular disease, central nervous system disease, pain management and diabetes.
The shares of the company slipped to ₹743.85 apiece on Thursday, after the result announcement. The shares settled 6.23% lower at ₹775 apiece.
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