On a consolidated basis, the net profit of the pharmaceutical company dropped 15% to Rs 231.95 crore on an 11.8% decline in net sales to Rs 938.29 crore in the October-December quarter of FY23 over the October-December quarter of FY22.

The profit before tax (PBT) stood at Rs 310.85 crore in Q3FY23, down 15% against Rs 365.56 crore in the October-December quarter of FY22.

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EBITDA slipped 11% to Rs 351.1 crore in the October-December quarter of FY23 as against Rs 394.6 crore posted in the October-December quarter of FY22. 

Revenue from the India market tumbled 32% YoY to Rs 81.4 crore in Q3FY23. India market accounted for 9% of the October-December quarter of FY23 revenue and witnessed a sequential business recovery due to the normalisation of the Insulin production line.

As of December 31, 2022, Gland Pharma and its partners have 325 ANDA filings in the US, of which 257 were approved, and 68 are pending approvals.

Over the years, Hyderabad-based Gland Pharma has grown from a contract manufacturer of small-volume liquid injectable products to one of the largest and fastest-growing injectable companies with operations in 60 countries around the world, including the US, Europe, Canada, Australia, India and other markets.

On BSE, Gland Pharma’s shares fell 0.71% to Rs 1,367.60.