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Revenue
₹3,207 Cr
verified against source
Revenue YoY
6.3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Glenmark's Q2 FY24 consolidated revenue grew 6.3% YoY to INR 3,588 crore, driven by strong performance in Europe (+58.4%) and ROW (+19%), while India grew only 2.8% due to acute segment slowdown and US declined 1.9% due to supply disruptions. EBITDA margin (ex-forex) was 15.7%, impacted by remediation costs and lower US/India sales. Management guided for core EBITDA margins to reach ~19% by FY25, aided by 2% improvement from lower R&D spend and operating leverage in Europe/LatAm. The GLS divestment (75% stake to Nirma) is expected to close in Q3, significantly improving PAT margins. Key risks include US business uncertainty, Monroe facility reinspection timeline, and pricing erosion in the US generics market.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects core EBITDA margins to reach ~19% in FY25, driven by 2% improvement from lower R&D spend and additional operating leverage from Europe and LatAm.
- India formulation business expected to grow at 12-15% CAGR over the next three years, supported by Rx, OTC, and institutional segments.
- Europe business expected to grow at a minimum of 15-20% going forward, driven by respiratory portfolio and Ryaltris.
- Glenmark expects to file the fluticasone MDI (generic Flonase) in the US by end of FY24 or early FY25.
Risks flagged
- US business remains a big unknown due to pricing erosion (~5% mid-single digit) and supply disruptions; management struggles to provide specific guidance.
- Monroe facility remediation is largely complete, but FDA reinspection timeline is unpredictable, delaying potential revenue from the plant.
- The GLS divestment to Nirma is subject to regulatory and shareholder approvals; any delay could impact FY25 margin and PAT improvement plans.
- India business growth was impacted by slowdown in respiratory and dermatology; while October showed recovery, sustainability is uncertain.
Key quotes
- We are considering this year as a transition year on account of the GLS divestment, which has obviously been a big event.
- U.S. is a big unknown. We are doing the right things in terms of portfolio, but you know, given the uncertainties, we really struggle to put any number for the U.S. business.
- In the month of October, we grew 19%, right, as per IMS. So India business, we think, from here on, right, will come back strongly.
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