Gland Pharma (GLAND) Q4 20/21 earnings summary

Executive summary

• FY21 revenue rose 32% to ₹34,629 million; EBITDA increased 31% to ₹14,370 million and PAT rose 29% to ₹9,970 million.

• Growth reflected new launches, higher volumes in existing products, capacity expansion and strong demand for critical COVID-19 medicines.

• International markets generated 84% of revenue; the Rest of World (ROW) business grew 136% YoY and contributed 16%.

Financial highlights

• Revenue from operations was ₹34,629 million versus ₹26,332 million in FY20; total income reached ₹35,977 million, up 30%.

• EBITDA was ₹14,370 million, up 31%; PBT reached ₹13,348 million, up 34%; PAT was ₹9,970 million, up 29%.

• Basic EPS was ₹63.07 versus ₹49.88; diluted EPS was ₹62.99 versus ₹49.88.

• Gross profit rose 29% to ₹19,710 million; total assets increased 59% to ₹64,961 million and net worth rose 62% to ₹59,033 million.

Outlook and guidance

• Planned capex of ~₹7,700 million across FY21–FY23 for new Pashamylaram lines, Visakhapatnam API capacity and acquisition/expansion of the biotech drug-substance plant.

• Priorities include complex injectables, long-acting injectables, suspensions, hormones, peptides, vaccine/biosimilar capabilities and further API integration.

• Multiple product launches were scheduled for the coming fiscal; pipeline focus includes US ANDAs, China-specific products and expansion into additional geographies.

• M&A opportunities remain under evaluation, including niche technology, API, manufacturing and geographic assets that meet internal return benchmarks.