On February 14, 2024 Glenmark Pharmaceuticals Ltd. (Glenmark), a research-led, global pharmaceutical Company, reported its financial results for the third quarter ended December 31, 2023 (Press release, Glenmark, FEB 14, 2024, View Source;302061929.html [SID1234640110]).

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Consolidated Figures (Glenmark and Glenmark Life Sciences Ltd. [GLS] combined)

For the third quarter of FY 2023–24, Glenmark’s consolidated revenue was at Rs. 29,096 Mn as against Rs. 34,639 Mn recording a decline of 16% YoY. The lower sales in the current quarter are mainly on account of a one-time impact on the Company’s India business. Excluding this impact, Glenmark’s consolidated revenue in Q3 FY24 would have been approximately Rs. 37,796 Mn, with an approximate growth of 9% over previous year.

Adjusted1 EBITDA was at Rs. 289 Mn in the quarter ended Dec 31, 2023 as against Rs. 6,202 Mn in the previous corresponding quarter.

During Q3 FY 2023-24, the Company implemented changes in its overall distribution model of its India business, through consolidation of stock points and rationalization of channel inventories. This led to a temporary dip in sales for the India business during the quarter. However, going forward, this will help improve the Company’s operating margins and overall working capital. These changes in the India distribution system will also enable the Company to accelerate the roll-out of its anti-counterfeit packaging across the country.

Reported Figures (Continuing Operations – Glenmark excluding GLS)

For the third quarter of FY 2023–24, Glenmark’s revenue was at Rs. 25,067 Mn as against Rs. 31,002 Mn recording a decline of 19% YoY.

Adjusted1 EBITDA was at Rs. -1,444 Mn in the quarter ended Dec 31, 2023 as against Rs. 4,740 Mn in the previous corresponding quarter.