Q3 2024 Glenmark Pharmaceuticals Ltd Earnings Call Transcript
Key Points
- Glenmark Pharmaceuticals Ltd (BOM:532296) recorded a 2.9% YoY growth in consolidated revenue for the first nine months of FY24.
- The company outperformed the overall industry in India with a 12% growth in secondary sales for Q3 FY24.
- Strong growth in Europe operations with a 29% YoY increase in revenue, driven by both branded and generics business.
- Successful launch of new products in India, including Zita DM and Lirafit, which are expected to enhance market presence.
- Significant expansion in the injectable portfolio in North America, with new product launches expected to positively impact future sales.
- Consolidated revenue from operations declined by 16% YoY for Q3 FY24 due to a one-time impact on the India business.
- North America business saw a 9% YoY decline in revenue, attributed to a lack of significant new product launches in preceding quarters.
- Forex loss of INR16.8 crores and a INR48 crore impact due to hyperinflationary accounting in Argentina affected financial results.
- Exceptional items for the quarter included legal costs associated with US litigation and remediation costs at an Indian manufacturing site.
- Gross debt stood at INR4,953 crores, with net debt at INR3,523 crores as of December 31, 2023, indicating a significant debt burden.
Good morning, ladies and gentlemen. Welcome to the Q3 FY24 earnings conference call of Glenmark Pharmaceuticals Limited. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Utkarsh Gandhi, General Manager, Investor Relations for Glenmark Pharmaceuticals. Thank you, and over to you, sir.
Thank you, Lizanne. Good morning, everyone. Welcome to the Q3 FY24 results conference call of Glenmark Pharmaceuticals Limited. Before we start the Q&A, we'll review the overall performance of the company for the third quarter of FY24.
For third quarter of FY24, Glenmark's consolidated revenue from operations was at INR29,096 million as against INR34,639 million in the corresponding quarter last year, recording a YoY decline of 16%. The lower sales in the current quarter was mainly on account of a one-time impact on the company's India business.
And excluding this impact, the approximate growth over previous year
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