Shares of Gland Pharma slip on Q1 results

NEW DELHI: Shares of Gland Pharma were trading at Rs 2350.75 on the BSE on Thursday morning after the company reported a 35 per cent year-on-year decline in profit after tax (PAT) of Rs 229 crore for the June quarter. In the corresponding period the previous year, its PAT stood at Rs 351 crore.
In a BSE filing on Wednesday, the company said it continues to face suppy disruptions."While market demand for our products remained strong, continuing supply disruptions in the midst of challenging macro environment has impacted our growth for the first quarter of fiscal 2023. . We are continuously investing into our people, infrastructure and portfolio to expand our global footprint," said Srinivas Sadu, MD & CEO of Gland Pharma.
"Continued supply disruption, cost escalation and the company’s decision to shut down two of its manufacturing lines for productivity improvement have affected the business for the quarter," the company statement said. Revenue from operations during the quarter declined by 26% compared to the corresponding quarter of the previous year.
US, Europe, Canada and Australian markets accounted for 82% of the company's revenue for the June quarter compared to 65% earlier.
"India market accounts for 6% of Q1FY23 revenue as compared to 16% in Q1FY22. India B2B sales were impacted due to planned shutdown of Insulin line during the quarter and higher sales of Covid drugs like Remdesivir and Enoxaparin Injection during the same quarter of last year," the statement said.