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Axis Securities Report
Gland Pharma Ltd. reported a weak set of results in Q3 FY23 with consolidated revenue declining by 11.8% Y0Y due to weak performance in geographies such as U.S. (down 1.1% YoY), India (down 58% YoY) and rest of world (down 4.0% YoY).
The company’s gross margins improved by 182 basis points due to fall in raw material prices. Ebitda margins at 30.9% was down 196 bps led by higher employee costs and other expenses. Reported profit after tax fell by 15% YoY due to lower sales and low operating profitability.
Gland Pharma already had incurred the capex of Rs 125 crore in nine months-FY23 and expect to incur additional capex of Rs 100 crore in H2 FY23.
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