The shares of Gland Pharma Ltd., was trading at Rs.4143.60, up by 9%, hitting a 52 week high of Rs.4168 in today’s trading session.
The stock price has increased by 30.45% in last one month, while the benchmark index S&P BSE Sensex has increased by 0.47%.
The stock rallied after the company reported strong revenue growth for the quarter ended June 2021 (Q1FY22).
Gland Pharma reported a 31 percent year-on-year (YoY) revenue increase of Rs 1,154 crore for the fiscal quarter ended June 2021. (Q1FY22). In the previous quarter, it earned Rs 884 crore in revenue.
Gland Pharma attributed the increase in revenue to a combination of new product launches and volume expansion in current medicines. During Q1FY22, the core markets of the United States, Canada, Europe, and Australia grew by 16% and accounted for 61% of the company’s sales. The growth of key products including Micafungin, Enoxaparin, Heparin, Dexmedetomidine, and new product launches are driving this performance.
India accounted for 20% of Q1FY22 revenue and grew by 77% year on year during the quarter. To meet domestic market demand during the second wave of Covid-19, the company increased supply of critical drugs such as Remdesivir and Enoxaparin, according to a press release.
Meanwhile, the company’s profit after tax increased by 12% year on year to Rs 351 crore, up from Rs 314 crore in the previous fiscal’s corresponding quarter. It kept a healthy Ebitda margin of 41%.
Gland Pharma, founded in 1978 in Hyderabad, India, has evolved from a contract manufacturer of small volume liquid parenteral products to one of the world’s largest and fastest growing injectable-focused companies, with a global footprint spanning 60 countries, including the United States, Europe, Canada, Australia, India, and other markets.
It primarily operates on a business-to-business (B2B) model and has a proven track record in the development, manufacturing, and marketing of complex injectables. This presence throughout the value chain has aided the company’s exponential growth. The company is promoted by Shanghai Fosun Pharma, a global pharmaceutical conglomerate.
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