Gland Pharma's Q1 Profit Dips 26% Despite Revenue Growth

Gland Pharma reported a 26% decline in profit after tax to Rs 144 crore for Q1 ending June 30, 2024. Revenue from operations increased to Rs 1402 crore. CEO Srinivas Sadu expressed optimism for the future. Shares ended 0.25% down at Rs 2,109.40 on the BSE.

Gland Pharma has announced a significant 26% drop in profit after tax, amounting to Rs 144 crore for the first quarter ending June 30, 2024. This is a decrease from the Rs 194 crore profit reported during the same period last year.

Despite the decline in profit, the Hyderabad-based pharmaceutical company's revenue from operations climbed to Rs 1402 crore, up from Rs 1,209 crore in the corresponding quarter of the previous fiscal year. In a statement, Gland Pharma's Executive Chairman and CEO, Srinivas Sadu, expressed confidence in meeting fiscal year goals and anticipated stronger results in coming quarters.

On Tuesday, shares of Gland Pharma concluded the trading session 0.25% lower, at Rs 2,109.40 apiece on the Bombay Stock Exchange (BSE).

(With inputs from agencies.)