The company's revenue for the quarter grew by 22.5% from last year to ₹1,695.3 crore. On a sequential basis the revenue grew by 14%.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter grew by 21% from last year, profits were up 27%, while margins remained steady compared to last year at 25.7% from 26% earlier.
Growth came from all three major geographies with the US business growing by 19% from last year, and continues to remain the majority contributor to Gland Pharma's topline. The India business saw 32% growth during the quarter, while the European business saw a 54% topline surge during the December quarter.
While India and the EU business saw 12% and 43% topline growth compared to the September quarter, the US business saw growth of 5%.
The management in its earnings call highlighted that the new contracts that the company won in the US market have started to contribute to its financials. Margins for Cenexi have also improved to 2.9%.
Going forward, Gland Pharma sees the emerging GLP drug opportunity as a key growth driver for the new financial year.
Jefferies has a "hold" rating on the stock with a price target of ₹1,720.
18 analysts have coverage on Gland Pharma, of which 11 have a "buy" rating, two say "hold", while five have a "sell" rating.
Shares of Gland Pharma are trading 7.3% higher at ₹1,813, and are now the second-best performers on the Nifty 500 index on Thursday.
