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Gland Pharma Ltd. has announced its financial results for the fourth quarter (Q4FY24) and full year (FY24) ended on Mar 31, 2024.
In the fourth quarter of FY24, Gland Pharma achieved remarkable growth. The consolidated revenue surged by 96 percent year-over-year (YoY), reaching INR 15,375 million. Additionally, the consolidated EBITDA soared by 113 percent YoY to INR 3,587 million, resulting in an EBITDA margin of 23 percent, up from 21 percent in Q4 FY23.
Focusing on the base business (excluding Cenexi), revenue grew by 50 percent YoY to INR 11,737 million. The EBITDA for the base business saws a significant jump of 156 percent YoY, amounting to INR 4,306 million. Consequently, the EBITDA margin for the base business expanded to 37 percent in Q4 FY24, compared to 21 percent in the same period last year.
For the full fiscal year FY24, consolidated revenue climbed by 56 percent YoY to INR 56,647 million. The consolidated EBITDA rose by 30 percent YoY, reaching INR 13,331 million, with an EBITDA margin of 24 percent. This represents a decline of approximately 400 basis points due to the integration of Cenexi.
The base business (excluding Cenexi) also performed well over the fiscal year. Revenue increased by 15 percent YoY to INR 41,769 million. EBITDA for the base business jumped by 38 percent YoY, amounting to INR 14,142 million. The EBITDA margin for the base business stood at 34 percent, up from 28 percent in FY23.
The Board of Gland Pharma is pleased to recommend its first-ever post-listing dividend to shareholders. The Board has proposed a final dividend of INR 20 per equity share for the fiscal year ending March 31, 2024. This recommendation is subject to the approval of the shareholders.
Commenting on the results, Srinivas Sadu, MD and CEO of Gland Pharma, said, “We are delighted to close out the last quarter and FY24 with positive results. This year marked a significant rebound for our base business, and we began an exciting new chapter as we completed our first international acquisition, Cenexi, in Europe. Despite the dynamic business landscape, we've shown resilience and delivered a performance that positions us well for continued growth and success. We see continued momentum in this segment and are optimistic about its future opportunities. The strategic rationale behind Cenexi’s acquisition remains intact, and we expect it to deliver significant value as we move forward.”
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