Glenmark Pharma Q3 FY 2023-24 Revenue: Rs. 29,096M

Glenmark Pharmaceuticals Ltd. (Glenmark), a research-led global pharmaceutical company, has announced financial results for the third quarter ended December 31, 2023.

In the third quarter of the financial year 2023-24, Glenmark's consolidated revenue is Rs. 29,096 crore for Rs. It recorded 34.639 billion won, down 16% compared to last year. The quarter's revenue decline was mainly due to a one-time impact on the company's India operations. Besides these effects, Glenmark's consolidated earnings for the third quarter of fiscal 2024 are approximately Rs. The figure is 37,796 million, representing an increase of about 9 percent in the previous year.

The adjusted EBITDA is Rs. 289 crore for the December 31, 2023 quarter, compared to Rs. 6,202 million in the previous quarter.

In the third quarter of FY 2023-24, the company implemented changes to the global distribution model of its India business through inventory consolidation and diversification. This led to a short-term decline in sales for the Indian industry in the quarter. But in the future, this will help improve the company's operating margins and overall working capital. This change in India's distribution system will allow the company to accelerate the launch of its anti-counterfeiting inventory.

In the third quarter of 2023-24, Glenmark's revenue was Rs. 25,067 crore for Rs. The figure is 31,020 million, a decrease of 19% concerning the same period last year.

The adjusted EBITDA is Rs. -1,444 crore for December 31, 2023, compared to Rs 4,740 crore for the previous quarter.