Glenmark Life Sciences Q2: PAT Rises 11.1% YoY to Rs 1187 Mn In Q2FY24

Glenmark Life Sciences Limited (GLS) shares soared 0.58% today to Rs 627.00 per share as the company declared its result for the quarter and half year ended Sep 30, 2023. Glenmark Life Sciences shares declined 3.75% in last 1-week, gained 40% in last 6-months and soared 52% in last 1-year. In Q2FY24, GLS registered revenue from operations of Rs. 5,954 million, recording a robust growth of 16.9% YoY. EBITDA at Rs. 1,725 Mn grew 12.2% YoY and EBITDA Margins for the quarter were at 29.0%, according to the BSE filing of the company.

PAT for the quarter was at Rs. 1,187 Mn, registering a strong growth of 11.1% YoY. During the first half of FY24, GLS recorded strong free cash generation of Rs. 1,535 Mn leading to Cash & Cash Equivalents of Rs. 4,430 Mn as on 30th September 2023.

Yasir Rawjee, MD & CEO, Glenmark Life Sciences Limited said, "I am pleased to share that we continue to deliver remarkable growth, propelled by a robust GPL business and steady external API business. Geographically, regulated markets including the US, Europe, LATAM and India continue to spearhead our growth."

Tushar Mistry, CFO, Glenmark Life Sciences Limited said, "Q2 FY24 is marked by continued growth momentum, complemented by steady margins. While EBITDA and PAT margin witnessed some pressure due to higher operational expenses, these are only transitory in nature."

Generic API revenues in Q2 FY24 increased by 19.7% YoY to Rs. 5,428 Mn, driven by strong growth in regulated markets with regions like US, LATAM and Europe contributing to the growth momentum.

Earlier on October 9, Board of Directors of the small cap pharmaceuticals sector company Glenmark Life Sciences Ltd declared an interim dividend of Rs 22.50 per equity share of Rs 2 each for the FY 2023-24. The company already fixed October 17, 2023 as the record date for dividend and interim dividend will be paid to shareholders on or after October 23, 2023.

Glenmark Life Sciences Interim Dividend For FY 2023-24: As per the regulatory filing issued today, "This is to inform you that the Board of Directors ("Board") of the Company has at its meeting held today i.e. October 09, 2023, inter-alia, declared Interim Equity Dividend for the financial year 2023-24 of Rs. 22.50/- per equity share of Rs. 2 each. As intimated vide our letter dated October 04, 2023, the record date for reckoning the list of shareholders who shall be entitled to receive the said interim dividend shall be Tuesday, October 17, 2023. The interim dividend will be paid to such shareholders on or after October 23, 2023."

Glenmark Life Sciences Dividend History: The company so far announced 4 dividends since November 22, 2021. In last 12 months, Glenmark Life Sciences declared an equity dividend amounting to Rs 21.00 per share. It offers a dividend yield of 3.37% if the current market price of Glenmark Life Sciences share is taken into note.

Glenmark Life Sciences About: It is a leading developer and manufacturer of Active Pharmaceutical Ingredients (APIs). The company is in the business of making high-quality drugs. Over the years, it has established strong relationships with leading global generic pharmaceutical companies that have helped it expand its product offerings and geographic reach. It works with 16 of the 20 largest generic companies globally, according to its official website.

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