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Nirmal Bang Report
Gland Pharma Ltd. saw a sharp decline in revenue at 25.7% YoY and 22.3% QoQ on account of supply-side challenges amid shortage of active pharma ingredient and primary packaging materials mainly consisting of syringes and stoppers.
Problems got compounded due to cost optimisation and productivity enhancement initiatives taken by Gland Pharma, whereby two lines used for the production of insulin were shut at the Dundigal facility to make modifications, thereby improving production output.
The shut lines have now resumed production with increased throughput in July 2022.
The business-to-consumer led Indian business also saw significant headwinds as a result of a high base (caused due to the sale of Covid-related products like Remdesivir and Enoxaparin injections), leading to a contraction of 71.7% YoY and 74.7% QoQ in Q1 FY23.
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