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Financial Highlights: Gland Pharma Analysis
Revenue from Operations as on June 2021 @1153.9 crores displayed tremendous growth of 31% on YoY basis & 30% on QoQ Basis
Geographical Revenue Contribution: Domestic Markets:20%, USA: 54%, Europe Canada & Australia:7%, Rest of the world:19%.
Other Income stands at 61.8 crores with a growth of 93% on YoY Basis & 31% on QoQ basis
EBITDA stands at 498 crores with 12% YoY Growth & 33% QoQ growth
EBITDA margin declined from 49% to 41% YOY basis and showed an increasing trend of 1% on QOQ Basis
PAT stands at 350.7 crores with a growth rate of 12% YoY Basis & 35% QOQ Basis
PAT margin also declined from 34% to 29% YOY basis & increased by 1% QOQ Basis
Increment in WC cycle from 192 days in FY 2021 to 234 days in June 2021 largely credited due to rising inventory days
Substantial decrease in CFO YoY basis from 293 crores to 181 crores in June 2021
ROCE stands at 23% declining 9% YOY basis but showed improvement of 2% as compared to FY 2021 largely due to increasing capex
ROE also stands at 23% declining 10% on YOY basis while it showed improvement from FY 2021 by 2%
R&D expense stands at 3.8% of sales @43.8 crores
Business Highlights
Q1 FY 21: 17 Product SKUs (12 molecules) launched in USA, Europe, Canada & Australia &1 SKU in India
It is working on 14 complex products, of which two/three will be filed in FY22/FY23. It is developing 25-30 complex products over the next 2-3 years.
Gland Pharma limited stock started manufacturing SPUTNIKV from October November in Current Year. Also, Gland Pharma stock analysis investing 300 crores capex in Vaccines in India
As of June 30, 2021, Gland Pharma Technical Analysis has along with its partners had 286 ANDA filings in the United States, of which 239 were approved and 47 pending approvals
Management Highlights: Gland Pharma Quarterly Results
Around INR30 crores of India sales in 1QFY22 were due to COVID-related products. However, as COVID-related sales subside, the non-COVID products business would pick-up, sustaining the momentum in India sales. Gross margin for the India business is ~40%.
It expects R&D expense to be 3.5-4% of sales in FY22 (excluding partner funding).
The management expects to sustain fixed asset turns at 3.5-3.6x, including the upcoming investments in the biological segments.
GLAND expects US sales to grow by 18-20% YoY in FY22.
It has filed six products in China, with two products closer to approval. It expects to file a few more products in China over the next few months. The market size of the first six products is ~USD550m.
It undertook 13 exhibit batches, driving R&D spend during 1QFY22
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