Marksans Pharma Ltd. reported the financial results for the quarter and nine months ending December 31, 2023.

The company reported operating revenue of Rs. 586.1 crore, up by 22.2% YoY driven by market share gains, new launches, the addition of new customers, an increase in our share with existing customers, and incremental contributions from the acquired Teva facility. Gross profit was Rs. 313.3 crore, up by +30.4% YoY with a Gross margin of 53.5%.

For the 9 months period ended December 31, 2023, Marksans Pharma posted operating revenue at Rs. 1,617.4 crore, up by 18.4% YoY. EBITDA was Rs. 348.9 cr., grew by[ 51.9% with an EBITDA margin of 21.6%.

Mark Saldanha, Managing Director of the company said “We are thrilled to announce that we have delivered another quarter demonstrating robust performance. Our highest quarterly sales reached ~INR 586 crores. Our dedication to delivering high-quality products has resulted in an increase in market share from existing customers and the addition of new customers. Positive momentum was observed in all our major regions. The US market grew by around 16% QoQ, mostly as a result of new product launches and the strengthening of our OTC portfolio.

Our efforts toward building capabilities and capacity for the acquired Teva Pharma manufacturing facility are on track and we have also started filing DMF for backward integration. Looking ahead, we are optimistic about our strategic initiatives which will drive our future growth and sustainable long-term shareholder value.”

In 9MFY24, the capex incurred was Rs 160.6 crore. Capex investment is in line with our plan for scaling the acquired manufacturing unit from Teva Pharma in Goa which will drive our future growth.