Gland Pharma Q2 Results: Net Profit Surges 58% to Rs 291 Crore, Revenue Jumps 23%
New Delhi: Gland Pharma on Friday posted a 58.29 per cent rise in consolidated net profit to Rs 290.75 crore in the September quarter, driven by strong execution across businesses.
The company had reported a net profit of Rs 183.68 crore in the year-ago period.
The pharmaceutical company's revenue from operations rose to Rs 1,833.58 crore in the quarter under review from Rs 1,486.87 crore a year ago, the company said in a regulatory filing.
Total expenses also rose to Rs 1,471.69 crore in the July-September period from Rs 1,287.12 crore a year earlier, it said.
The company launched four molecules -- Sugammadex, Erythromycin, Fluorouracil and Atropine sulfate -- in the US this quarter, it said in a release.
Gland Pharma Executive Chairman Srinivas Sadu said, "We delivered another quarter of strong growth...driven by strong execution across our businesses. Our CDMO business grew 31 per cent year-on-year, supported by expanding customer engagements, strategic partnerships and a robust opportunity pipeline".
"With continued investments in manufacturing capabilities, innovation and capacity expansion, we remain well positioned to capitalise on growing global outsourcing opportunities and create sustainable long-term value for shareholders," he added.
Shares of the company rose 0.70 per cent to Rs 3,169.4 apiece on the BSE. The company declared its results after the market hours.
