Operating revenue for the Hyderabad-based company fell 29% year-on-year to ₹785 crore in the fourth quarter of FY23, compared to ₹1,103 crore in the corresponding period last year. Sales were impacted by the closure of the production line at the Pashamylaram Penems plant due to line upgrades as well as a decline in business from the domestic B2C division during the year compared to last year.

Operating EBITDA decreased by 52% to ₹168.4 crore compared to ₹348.4 crore in the same period last year. Margin also fell to 21% from 32% in the fourth quarter of fiscal 2022.

For full fiscal 2023, profit fell 36% to ₹781 crore, while revenue fell 18% to ₹3,624.6 crore.

Srinivas Sadu, MD and CEO of Gland Pharma said, “We have officially completed the acquisition of Cenexi and welcome the company as part of the Gland-Fosun family.” This is our first overseas acquisition and our transition to the next growth and expansion phase. We have made progress on our journey towards establishing a bio-CDMO and signed our first plasma protein contract at our facility in Shamirpet.”

“As an important milestone, we received our first China approval and also initiated the launch of our first product. Our progress on the complex portfolio is on track and this year we submitted a total of three complex products during the year. “Our priority for the next year will be the seamless integration of Cenexi while focusing on driving sustainable business growth,” said Sadu.