Gland Pharma (GLAND) Q4 19/20 earnings summary

Executive summary

• FY20 revenue from operations rose 28.81% YoY to ₹26,332.40 million; profit after tax increased 71.02% to ₹7,728.58 million, supported by export growth and operating leverage.

• Exports contributed approximately 84% of revenue; B2B accounted for 95.99% of revenue from operations, with sales across more than 60 countries.

Financial highlights

• Total income was ₹27,724.08 million vs ₹21,297.67 million in FY19; total expenses rose 25.02% to ₹17,795.42 million.

• EBITDA was ₹10,946.35 million vs ₹7,918.76 million; profit before exceptional items and tax was ₹9,928.66 million vs ₹7,063.57 million.

• PAT reached ₹7,728.58 million vs ₹4,519.07 million; basic and diluted EPS were both ₹49.88 vs ₹29.16, restated for the share split.

• Other income rose 62.65% to ₹1,391.68 million, including ₹693.11 million net foreign-exchange gain and ₹173.93 million net profit on disposal of property, plant and equipment.

Outlook and guidance

• Revenue was expected to continue growing through further commercial success of existing products and launches of new products; no numerical guidance was stated.

• COVID-19 disruptions affected the supply chain during March 2020; based on estimates then available, management expected full asset recovery and no operational impact, while monitoring developments.