Gland Pharma fell 12 percent post Q1 result
Published On: Thursday, July 21, 2022 | By: Team KnowMyStock
Shares of pharmaceutical company Gland Pharma hit a 52-week low of Rs 2,182 as they slipped 12 percent on the BSE in Thursday's intra-day trade. Consolidated net profit declined 35% YoY and 20% sequentially to Rs 229 crore in the Apr-Jun quarter, led by lower operating income and a 26% YoY fall in revenue from operations at Rs 857 crore in the period. The pharmaceutical company's PAT stood at Rs 351 crore in Q1FY22. On a sequential basis, PAT was down 20 percent from Rs 286 crore in Q4FY22The company's revenue from operations declined 26 percent YoY to Rs 857 crore from Rs 1,154 crore, and 22 percent QoQ from Rs 1,103 crore. Last year's revenue was higher due to Covid-19-related product sales. The company said continued supply disruption, cost escalation, and the Company’s decision to shut down two of its manufacturing lines for productivity improvement have affected the business for the quarter.
Srinivas Sadu, managing director and chief executive officer of Gland Pharma said in the filing, "While market demand for our products remained strong, continuing supply disruptions in the midst of challenging macro environment has impacted our growth for the first quarter of fiscal 2023.""India market accounts for 6% of Q1FY23 revenue compared to 16% in Q1FY22.
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