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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,373.4 Cr
verified against source
Revenue YoY
32%
reported change
EBITDA
₹320.5 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gland Pharma reported consolidated revenue of INR 1,373.4 crore in Q2 FY24, up 32% YoY, driven by Cenexi acquisition and US market recovery. EBITDA grew 8% YoY to INR 320.5 crore, but margin contracted to 23% (down 500 bps YoY) due to Cenexi's seasonal shutdown and fixed costs. PAT fell 20% YoY to INR 194.1 crore. Base business EBITDA margin improved to 34% (vs 28% YoY) on stable US pricing and volume growth. Cenexi contributed INR 358.8 crore revenue (2-month) with negative EBITDA. Management guided for steady sequential growth, base EBITDA margins of 30-32%, and EUR 60 million investment in Cenexi over 18 months. Risk: Cenexi's annual summer shutdown may continue to distort quarterly results.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects base business EBITDA margins to remain in the 30-32% range, with potential slight decline as lower-margin Enoxaparin supplies resume.
- CFO guided that Cenexi's normalized quarterly revenue should be around EUR 50-55 million on a full quarter basis.
- Planned investment of EUR 60 million in CapEx and working capital to enhance capacity and operational efficiencies at Cenexi.
- Management expects steady quarter-on-quarter growth in the base business, driven by new launches and volume expansion.
Risks flagged
- Cenexi's annual summer shutdown (4 weeks in France, 3 in Belgium) will continue to cause revenue loss and negative EBITDA in Q2 each year.
- ROW revenue declined 9% QoQ due to lower Enoxaparin volumes and pricing pressure from competition, with management noting very low margins.
- Management declined to provide a timeline for Cenexi reaching 13-15% EBITDA margins, citing early stage of integration.
- Milestone income (5% of ex-Cenexi revenue in Q2) can fluctuate between 5-10%, impacting quarterly comparability.
Key quotes
- The revenue growth trajectory has been steady across key markets and products, mainly fueled by new launches and consistent market share of our top products across our B2B partners.
- Price overall is stable if you look at from the previous quarter to current. The relaunches what we have done, out of 14 products in the U.S. what we launched, 4 are entirely new and about 10 are relaunches.
- We are currently analyzing that data. As of now, in the near term, it is not, but we'll see how the efficiency increases.
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