GLAND · Healthcare
Gland Pharma Ltd. reported revenue of ₹1,406 cr for July to September 2024, +2.4% on the year and +0.3% on the quarter.
Operating profit (EBITDA) was ₹297 cr, a margin of 21.1%, −247 bps on the year and +229 bps on the quarter. Over the last 6 quarters the margin has ranged from 18.8% to 24.3%, averaging 22.4%. Operating costs grew +5.7%, faster than revenue at +2.4%, so operating profit grew less than sales.
Net profit was ₹164 cr, −15.5% on the year and +13.9% on the quarter, with earnings per share of ₹9.93. Profit before other income, one-offs and tax fell 16.9%, so the profit growth came from the business itself. The tax rate was 36% against an average of 32% over the previous 5 quarters, which weighed on profit this quarter.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit. The quarterly statements do not carry the US and India split, R&D spend and any FDA observations; those come with the filing read.
On earnings per share of ₹41.99 over the last four quarters, the stock at ₹3,035.00 trades at 72.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 21.1%, −247 bps on the year (+229 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,545 cr | ₹1,537 cr | ₹1,402 cr | ₹1,406 cr | ₹1,384 cr | ₹1,425 cr | ₹1,506 cr | ₹1,487 cr | ₹1,695 cr | ₹1,743 cr | ₹1,800 cr | ₹1,834 cr |
| YoY | — | — | +16% | +2% | −10% | −7% | +7% | +6% | +22% | +22% | +20% | +23% |
| EBITDA margin | 23.0% | 23.4% | 18.8% | 21.1% | 26.0% | 24.4% | 24.4% | 21.1% | 25.7% | 29.4% | 27.2% | 26.4% |
| Other income, % of PBT | 13% | 14% | 23% | 23% | 19% | 15% | 19% | 30% | 11% | 22% | 14% | 16% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 32% | 35% | 34% | 36% | 32% | 35% | 31% | 35% | 28% | 28% | 27% | 33% |
| Net profit | ₹192 cr | ₹192 cr | ₹144 cr | ₹164 cr | ₹205 cr | ₹187 cr | ₹215 cr | ₹184 cr | ₹261 cr | ₹367 cr | ₹317 cr | ₹291 cr |
| YoY | — | — | −26% | −15% | +7% | −3% | +49% | +12% | +27% | +96% | +47% | +58% |
| Core profit YoY | — | — | −25% | −17% | −2% | −5% | +53% | +1% | +34% | +62% | +47% | +81% |
| EPS | ₹11.65 | ₹11.68 | ₹8.73 | ₹9.93 | ₹12.42 | ₹11.32 | ₹13.08 | ₹11.15 | ₹15.87 | ₹22.26 | ₹19.23 | ₹17.62 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Gland Pharma Ltd. reported revenue of ₹1,406 cr (+2.4% on the year) and net profit of ₹164 cr (−15.5% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −16.9% on the year, against −15.5% for reported profit.
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