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Revenue
₹1,537 Cr
verified against source
Revenue YoY
19%
reported change
EBITDA
₹358.7 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gland Pharma reported a strong Q4 FY24 with consolidated revenue of INR 16,375 million (+19% YoY) and EBITDA of INR 3,587 million (+113% YoY), driven by a robust recovery in the base business (revenue +50% YoY, EBITDA margin 37%). The Cenexi acquisition contributed INR 3,637 million revenue but posted negative EBITDA of INR 720 million due to operational disruptions and a EUR 20-25 million order backlog. Management guided for base business growth of 14-15% annually and expects Cenexi to reach high-teen EBITDA margins in 1-2 years via capacity expansion and tech transfers. Key risks include slower-than-expected Cenexi turnaround and potential pricing pressure in the US generics market.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the base business (ex-Cenexi) to grow at 14-15% annually, driven by new launches and market share gains.
- Cenexi targets high-teen EBITDA margins within 1-2 years through operational fixes, tech transfers, and capacity expansion.
- Cenexi's quarterly revenue is expected to gradually increase from EUR 40M to EUR 50M in about three quarters.
Risks flagged
- Cenexi's operational issues and capacity constraints may delay profitability, with management acknowledging a few quarters delay.
- While pricing has stabilized, any resurgence of price erosion could impact base business margins.
- Biologics CDMO and China market progress have been slower than anticipated, with no near-term material contribution expected.
Key quotes
- Today the issue is not orders. We have a EUR 20 million-EUR 25 million orders on backlog, and the concern is the capacity.
- Our goal to reach high-teen margins is a mid to long-term goal, and there are a number of actions that we have to take.
- We kind of guided last time also. I think we still were at, you know, want to stick to that, about 15%, around 14%-15% on annual basis growth rate.
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