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Revenue
₹3,036 Cr
verified against source
Revenue YoY
22.5%
reported change
EBITDA
₹631.2 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Glenmark delivered a strong Q1 FY24 with consolidated revenue of INR 24,106 million, up 22.5% YoY, driven by robust performance in Europe (+73.7%) and ROW (+30.4%). EBITDA margin came in at 18.6% (19% ex-forex loss), within guided range. India formulation grew 2.8% reported but ~8% like-for-like, while North America remained around $98M. Management reiterated FY24 guidance of 10-11% revenue growth and 19-20%+ EBITDA margin, with Europe expected to grow 25-30% this year. Ryaltris is tracking ahead of the $40-45M revenue target. Key risk: USFDA warning letter for Monroe plant could delay injectable launches and limit US growth acceleration.
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Guidance to track
- Management expects full-year revenue growth of 10-11%, with potential to exceed guidance.
- EBITDA margin target of 19-20%+ for the full year, with Q1 at 18.6% (19% ex-forex).
- Europe expected to deliver 25-30% growth this year, becoming a ~$300M business.
- Consolidated capital expenditure guided at INR 600-700 crore for the full year.
Risks flagged
- Monroe facility received a warning letter, potentially delaying injectable product approvals and US growth acceleration.
- Slowdown in acute segments like respiratory and anti-infectives may pressure India growth, which is guided to single digits.
- Net debt at INR 2,947 crore and interest costs doubled YoY due to higher LIBOR, impacting profitability.
- Mandatory 7-8% stake sale in GLS by August 2024 may not significantly reduce debt as expected by some analysts.
Key quotes
- We should be able to meet our guidance or even exceed our guidance this year.
- Europe will be a big driver for us... at least a 25%-30% growth coming on a full year basis out of Europe.
- A critical event for us obviously is to get past Monroe and get that going.
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