Glenmark Pharma Q1 Review - Growth Driven By India Business: ICICI Direct
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ICICI Direct Report
Glenmark Pharmaceuticals Ltd. reported strong Q1 FY22 results.
Revenues grew 26.4% YoY to Rs 2964.9 crore.
Domestic sales grew 57.1% YoY to Rs 1225 crore due to growth in both Covid-19 and non Covid portfolio.
U.S. sales grew 6.1% to Rs 787.8 crore, led by new launches. Europe business grew 11.7% YoY to Rs 305.9 crore amid Covid restrictions in some countries partially being offset by growth in key markets.
Rest of World markets grew 26.7% YoY to Rs 268.6 crore whereas active pharma ingredient segment grew 29.5% YoY to Rs 304 crore.
Latin America market grew 2.6% YoY to Rs 67.5 crore due to a challenging environment in Brazil.
Glenmark Pharma's Ebitda margins declined 104 basis points YoY to 19.3% mainly due to lower gross margins.
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