Gland Pharma down 13 percent on poor Q2 numbers
Published On: Thursday, October 27, 2022 | By: Team KnowMyStock
Shares of Gland Pharma hit a 52-week low of Rs 1,942.90 as they plunged 13 percent on the BSE in Thursday’s intra-day trade after the company reported a 20.14 percent year-on-year (YoY) decline in its consolidated net profit at Rs 241 crore for the second quarter ended September 30 (Q2FY23), owing to lower sales and higher expenses. The company posted a consolidated net profit of Rs 302 crore in the same period last fiscal (Q2FY22). Meanwhile, its revenue and margin also reported a dip from the year-ago quarter. The consolidated revenue from operations during the period under review was at Rs 1,044.4 crore, as against Rs 1,080.47 crore in the year-ago period, it added. Gland Pharma said revenue from its core markets of the US, Europe, Canada, and Australia grew by 3%, however, India's revenue was down 42% while the same for the 'rest of the world' market was also down 3%.
Gland’s earnings before interest, taxes, depreciation, and amortization (EBITDA) margin contracted 150 bps to 33 percent from 38 percent in a year ago quarter.
Nirmal Bang has cut its cut our revenue estimates by 2-6 per cent for FY23-FY25 and and Ebitda estimates by 4-11 per cent mainly due to near-term slowdown in growth, owing to cost inflation and volume decline in the US.
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