Gland Pharma’s net profit declined 15 per cent to ₹194 crore in the first quarter ended June 30, 2023 compared to ₹229 crore in the corresponding quarter of the previous financial year. The total revenue of the Hyderabad-based company increased 51 per cent to ₹1,209 crore against ₹857 crore in the same period last year.
“The operating revenue for the quarter stood at ₹1209 crore a y-o-y growth of 41 per cent with an EBITDA of ₹298 crore The outcomes of the recently conducted US FDA inspections at three of our sterile facilities demonstrate our commitment to being a quality-focused and regulatory-compliant company,’‘ Srinivas Sadu, MD & CEO, Gland Pharma, said in a release.
NEW COO
The board has appointed Prakash Vithal Baliga as Chief Operating Officer effective August, 7, 2023. Baliga is a post-graduate in pharmacy with more than 30 years of experience in the pharmaceutical sector. He joined Gland Pharma in September, 2016 as Asst. Vice-President (Strategic Sourcing, Procurement and Commercial). He was elevated to the position of Vice-President in January, 2020. As Vice-President he has been leading sourcing, purchase, supply chain and commercial activities cross Gland Pharma operations.