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    - the financial year and quarter. In India the Financial Year is from 1 April of current year to 1 April of next year.
    - the profit numerically as well as profit growth percentage.
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    Now summarize the following text:
     
 
 
 
  November 04 , 202 4 
 
BSE Limited  
Corporate Relationship Department  
Phiroze Jeejeebhoy Towers  
25th floor, Dalal Street  
Mumbai - 400 001  
Scrip Code: 543245  National Stock Exchange of India Limited  
Listing Department  
Exchange Plaza, 5th floor  
Plot no. C -1, Block G, Bandra Kurla Complex 
Bandra (East), Mumbai - 400 051  
Symbol: GLAND (ISIN: INE068V01023)  
 
 
Dear Sir/Madam,  
 
Sub: Outcome of the Board Meeting  
 
In continuation to our  earlier  intimation dated October 22 , 2024, regarding the Board Meeting Notice, we 
would like to inform you that the Board of Directors (the “ Board ”) of Gland Pharma Limited (the 
“Company ”) at its Meeting held today, i.e. Monday , November 04 , 2024,  has inter -alia considered and 
approved the following:  
 
I. Financial Results  
 
Unaudited Financial Results (standalone and consolidated) along with the Limited Review Report (s) for 
the quarter and half year  ended September 30 , 202 4, pursuant to Regulation 33 of the SEBI (Listing 
Obligations and Disclosure Requirements) Regulations, 2015  (‘Listing Regulations’)  which have been 
duly reviewed and recommended by the Audit Committee.   
 
II. Appointment of Ms. Wei Huang as a n Additional Director in the category  of Non-Executive & Non -
Independent Director  
 
Pursuant to the recommendation of the Nomination & Remuneration Committee,  the Board of Directors 
has appointed  Ms. Wei Huang  (DIN: 10818586 ), who has signified h er consent to act as a Director, as a n 
Additional Director in the category of Non-Executive & Non-Independent Director of the Company, liable 
to retire by rotation, with effect from November 04 , 2024.  
 
The approval of the members as required under Regulation 17(1C) of Listing Regulations for the aforesaid 
appointment will be obtained within the stipulated timelines , through a postal ballot and e -voting . 
 
The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015 are given in Annexure -A enclosed herewith.  
 
III. Reconstitution of the Committees of the Board of Directors  
 
With reference to the stock exchange announcement  dated August 30, 2024  regarding the changes among 
the Board of Directors of the Company; the Committees of the Board have been realigned with effect from 
November 04, 2024 as required under the Listing Regulations . 
 
The details of all the Committees of the Board as of November 04, 2024 along with changes made are 
given in Annexure -B enclosed herewith.  
 
 
 
 
 
 
 GLAND GLAND  PHARMA LIMITED
Regd.  Office:
Survey  No. 143-148,  150 & 151, Near  Gandimaisamma 'X' Roads
D.P. Pally,  Dundigal,  Dundigal-Gandimaisamma  Mandal
Medchal-Malkajgiri  District, Hyderabad  500043, Telangana,  India
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  Fax:  +91 0-30510800Corporate  Office:
Plot No. 11 & 84, TSIIC  Phase:  IV
Pashamylaram  (V), Patancheru  (M), Sangareddy  District
Hyderabad  502307,  Telangana,  India
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
CIN: L24239TG1978PLC002276 | email:  <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>;  <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS> | www.glandpharma.com 
 
 
 
 
Continuation Sheet  
 
 
 
In this regard, we enclos e herewith the following:  
 
1. Unaudited financial results (standalone and consolidated) along with the Limited Review Report(s) 
of the Company for the quarter and half year ended September  30, 2024, prepared in compliance with 
Indian Accounting Standards (Ind AS).  
 
2. Press Release and Investor Presentation on the financial results of the Company for the above period.  
 
 
The Board Meeting commenced at 15.00 Hrs. IST and  ended at 17.25 Hrs. IST.  
 
 
This is for your information and records.  
 
 
Yours truly,  
For Gland Pharma Limited  
 
 
 
 
Sampath Kumar  Pallerlamudi  
Company Secretary & Compliance Officer  
 
Encl: As above  
  GLAND 
 
 
 
 
Continuation Sheet  
 
Annexure A  
 
Details required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015, read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 , and 
SEBI Circular No. SEBI/HO/CFD/CFD -PoD-1/P/CIR/2023/123 dated July 13, 2023  
 
Details of Ms. Wei Huang  
 
SI. No  Particulars   Remarks  
1 
 Reason for change  
 
 Appointment of Ms. Wei Huang (DIN: 10818586)  as an Additional 
Director in the ca tegory  of Non -Executive & Non -Independent 
Director of the Company, liable to retire by rotation, with effect 
from November 04, 2024  
 
2 Date of Change  04.11.2024  
 
3 
 Brief profile  Ms. Wei Huang is currently the President of Shanghai Henlius 
Biotech Inc., responsible for the production and supply of the 
Company's clinical and commercial products, design and 
implementation of engineering projects, continuous improvement 
and optimization of production capacity. She is also the Chairman 
of Aton (Shanghai) Biotech Co., Ltd.  
 
Ms. Wei Huang has leadership experience in pharmaceutical and 
biotechnology industry spanning over 30 years in process 
development, technology transfer, manufacturing, process and 
facility design, capital project execution, and quality system 
implementatio n. She joined Fosun Pharma Group and served as 
Senior Vice President, Chief Operating Officer, and President of 
Shanghai Henlius Biotech Inc. since Dec. 2019.  
 
Prior to that, Ms. Huang served as Chief Adviser of NEWA 
Technology Inc., responsible for areas such as project management, 
manufacturing, validation, process development and CMC, cGMP 
compliance audits, techno -economic assessment, gap and risk 
mitigation, and strategic guidance f or the company.  
 
Prior to NEWA , Ms. Huang , during 2008 -2013  served as V ice-
President  of Process Development and Engineering of REG Life 
Sciences Corporation . 
 
Ms. Huang holds Master ’s degree from University of Maryland in 
Chemical and Biochemical Engineering and Bachelor ’s degree from 
East China University of Science and Technology in Biochemical 
Engineering.  
 GLAND 
 
 
 
 
Continuation Sheet  
 
4 Disclosure of relationships 
between director  Not Applicable  
5 Information as required 
pursuant to BSE Circular 
with ref. no. 
LIST/COMP/14/2018 -19 
and the National Stock 
Exchange of India Limited 
Circular with ref. no. 
NSE/CML/2018/24, both 
dated June 20, 2018  Ms. Wei Huang is not debarred from holding the office of Director 
by virtue of any SEBI order or any other such authority.  
 
 
  GLAND 
 
 
 
 
Continuation Sheet  
 
Annexure B 
 
Composition of Committees of Board of Directors as on November 04, 2024  
 
Name of the 
Committee  Name of the Committee members and Category 
(Chairperson/Executive/non -
executive/Independent/Nominee)  Remarks  
(changes made)  
Audit Committee  a) Satyanarayana Murthy Chavali - Chairman (of the 
Committee) & Independent Director  
 
b) Essaji Goolam Vahanvati - Independent Director  
 
c) Udo Johannes Vetter - Independent Director  No Change  
Nomination &  
Remuneration 
Committee  a) Satyanarayana Murthy Chavali - Chairman (of the 
Committee) & Independent Director  
 
b) Essaji Goolam Vahanvati - Independent Director  
 
c) Udo Johannes Vetter - Independent Director  
 
d) Ms. Wei Huang – Non-Executive Director  Ms. Wei Huang 
joined the 
Committee as a 
member.  
Risk Management 
Committee  a) Naina Lal Kidwai - Chairperson (of the  Committee) & 
Independent Director  
 
b) Srinivas Sadu - Executive Chairman  & CEO  
 
c) Dr. Jia Ai Zhang - Non- Executive Director  
 
d) Ravi Shekhar Mitra - Chief Financial Officer  Dr. Jia Ai Zhang 
joined  the 
Committee as a 
member replacing 
Mr. Yao Fang  
Stakeholders  
Relationship  
Committee &  
Share Transfer  
Committee  a) Satyanarayana Murthy Chavali - Chairman (of  the 
Committee) & Independent Director  
 
b) Srinivas Sadu - Executive Chairman & CEO  
 
c) Wenjie Zhang - Non- Executive Director  Mr. Wenjie Zhang 
joined the 
Committee as a 
member replacing 
Mr. Yao Fang  
Corporate Social  
Responsibility  
Committee  a) Srinivas Sadu - Chairman (of the Committee) &  Executive 
Chairman & CEO  
 
b) Essaji Goolam Vahanvati - Independent Director  
 
c) Dr. Jia Ai Zhang - Non-Executive Director  No Change  
ESOP  
Compensation  
Committee  a) Satyanarayana Murthy Chavali - Chairman (of the 
Committee) & Independent Director  
 
b) Essaji Goolam Vahanvati - Independent Director  
 
c) Udo Johannes Vetter - Independent Director   No Change  
 GLANDChartered Accountants
Prestige  Trade Tower, Level 19
46, Palace  Road, High Grounds
Bengaluru - 560 001
Karnataka,  India
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
Fax: +91 80 6188 6011Deloitte
Haskins  & Sells
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED
FINANCIAL  RESULTS
TO THE BOARD  OF DIRECTORS  OF
GLAND  PHARMA  LIMITED
1. We have reviewed the accompanying Statement of Unaudited Consolidated  Financial  Results of
Gland Pharma Limited ("the Holding Company") and its subsidiaries (the Holding Company
and its subsidiaries together referred to as "the Group"), for the quarter and half-year ended
September 30, 2024 ("the Statement") being submitted by the Holding Company pursuant to
the requirement of Regulation 33 of the SEBI  (Listing  Obligations and Disclosure  Requirements)
Regulations, 2015, as amended ("the Listing Regulations").
2. This Statement, which  is the responsibility of the Holding  Company's  Management  and approved
by the Holding Company's Board of Directors, has been prepared in accordance with the
recognition  and measurement  principles  laid down  in the Indian Accounting  Standard  34 "Interim
Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies  Act, 2013
read with relevant  rules  issued  thereunder  and other accounting principles generally accepted  in
India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to
express  a conclusion  on the Statement based  on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India
(ICAI). A review of interim  financial information  consists  of making inquiries,  primarily of Holding
Company's personnel responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope  than an audit conducted in
accordance with Standards on Auditing specified under Section 143(10) of the Companies Act,
2013 and consequently does  not enable  us to obtain assurance  that we would become  aware of
all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended,  to the extent applicable.
The Statement includes  the results of the foilowing entities: 4.
Sri.
No.Name of the entity Relationship
1 Gland  Pharma  Limited Holding Company
2 Gland  Pharma  International Pte. Ltd., Singapore Wholly-owned subsidiary
Subsidiaries of Gland Pharma International  Pte. Ltd.:
3 Gland  Pharma  USA Inc, USA
4 Manxen  SAS,  France
5 Manxen  2 SAS,  France
6 Manxen  3 SAS,  France Wholly-owned subsidiaries
7 Phixen  SAS,  France__J
Subsidiaries  of Phixen SAS: __
8 Cenexi  SAS,  France
9 Cenexi  Services  SAS,  France
10 Cenexi  HSC SAS,  France Wholly-owned subsidiaries
11 Cenexi  Laboratories  Thissen  SA, Belgium
12 Phineximmo SA, Belgium -----
Page 1 of 2Chartered Accountants
Prestige  Trade  Tower, Level 19
46, Palace Road, High Grounds
Bengaluru - 560 001
Karnataka,  India
Tel: +91  80 6188 6000
Fax: +91  80 6188 6011Deloitte
Haskins  & Sells
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED
FINANCIAL  RESULTS
TO THE BOARD  OF DIRECTORS  OF
GLAND  PHARMA  LIMITED
1. We have reviewed the accompanying Statement of Unaudited Consolidated  Financial  Results of
Gland Pharma Limited ("the Holding Company") and its subsidiaries (the Holding Company
and its subsidiaries together referred to as "the Group"), for the quarter and half-year ended
September 30, 2024 ("the Statement") being submitted by the Holding Company pursuant to
the requirement of Regulation 33 of the SEBI  (Listing Obligations and Disclosure  Requirements)
Regulations, 2015, as amended ("the Listing Regulations").
2. This Statement, which  is the responsibility of the Holding  Company's  Management  and approved
by the Holding Company's Board of Directors, has been prepared in accordance with the
recognition and measurement  principles  laid down  in the Indian  Accounting  Standard  34 "Interim
Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies  Act, 2013
read with relevant  rules  issued  thereunder and other accounting  principles generally accepted in
India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to
express  a conclusion  on the Statement based  on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India
(ICAI). A review of interim  financial  information  consists  of making  inquiries,  primarily of Holding
Company's personnel responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope  than an audit conducted in
accordance  with Standards on Auditing specified under Section 143(10) of the Companies  Act,
2013 and consequently does  not enable  us to obtain  assurance  that we would become  aware of
all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended,  to the extent applicable.
4. The Statement includes  the results of the following entities:
Sri.
No.Name of the entity Relationship
1
2
3
4
5
6
7
8
9
10
11
12Gland  Pharma  Limited
Gland  Pharma  International Pte. Ltd., Singapore
Subsidiaries  of Gland Pharma International Pte. L
Gland  Pharma  USA Inc, USA
Manxen  SAS,  France
Manxen  2 SAS,  France
Manxen  3 SAS,  France
Phixen  SAS,  France
Subsidiaries of Phixen SAS: __
Cenexi  SAS,  France
Cenexi  Services  SAS,  France
Cenexi  HSC SAS,  France
Cenexi  Laboratories  Thissen  SA, Belgium
Phineximmo SA, Belgium —-J.td.:Holding Company
Wholly-owned subsidiary
Wholly-owned subsidiaries
Wholly-owned subsidiaries
Page  1 of 2Chartered Accountants
Prestige  Trade  Tower, Level 19
46, Palace Road, High Grounds
Bengaluru - 560 001
Karnataka,  India
Tel: +91  80 6188 6000
Fax: +91  80 6188 6011Deloitte
Haskins  & Sells
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED
FINANCIAL  RESULTS
TO THE BOARD  OF DIRECTORS  OF
GLAND  PHARMA  LIMITED
1. We have reviewed the accompanying Statement of Unaudited Consolidated  Financial  Results of
Gland Pharma Limited ("the Holding Company") and its subsidiaries (the Holding Company
and its subsidiaries together referred to as "the Group"), for the quarter and half-year ended
September 30, 2024 ("the Statement") being submitted by the Holding Company pursuant to
the requirement of Regulation 33 of the SEBI  (Listing Obligations and Disclosure  Requirements)
Regulations, 2015, as amended ("the Listing Regulations").
2. This Statement, which  is the responsibility of the Holding  Company's  Management  and approved
by the Holding Company's Board of Directors, has been prepared in accordance with the
recognition and measurement  principles  laid down  in the Indian  Accounting  Standard  34 "Interim
Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies  Act, 2013
read with relevant  rules  issued  thereunder and other accounting  principles generally accepted in
India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to
express  a conclusion  on the Statement based  on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India
(ICAI). A review of interim  financial  information  consists  of making  inquiries,  primarily of Holding
Company's personnel responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope  than an audit conducted in
accordance  with Standards on Auditing specified under Section 143(10) of the Companies  Act,
2013 and consequently does  not enable  us to obtain  assurance  that we would become  aware of
all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended,  to the extent applicable.
4. The Statement includes  the results of the following entities:
Sri.
No.Name of the entity Relationship
1
2
3
4
5
6
7
8
9
10
11
12Gland  Pharma  Limited
Gland  Pharma  International Pte. Ltd., Singapore
Subsidiaries  of Gland Pharma International Pte. L
Gland  Pharma  USA Inc, USA
Manxen  SAS,  France
Manxen  2 SAS,  France
Manxen  3 SAS,  France
Phixen  SAS,  France
Subsidiaries of Phixen SAS: __
Cenexi  SAS,  France
Cenexi  Services  SAS,  France
Cenexi  HSC SAS,  France
Cenexi  Laboratories  Thissen  SA, Belgium
Phineximmo SA, Belgium —-J.td.:Holding Company
Wholly-owned subsidiary
Wholly-owned subsidiaries
Wholly-owned subsidiaries
Page  1 of 2Deloitte
Haskins  & Sells
5. Based  on our review conducted and procedures performed as stated in paragraph 3 above and
based  on the consideration of the review reports of the other auditors referred to in paragraph
6 below, nothing has come to our attention that causes  us to believe that the accompanying
Statement, prepared in accordance  with the recognition and measurement principles laid down
in the aforesaid  Indian Accounting Standard and other accounting principles generally accepted
in India, has not disclosed  the information required to be disclosed  in terms of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
including  the manner  in which  it is to be disclosed,  or that it contains any material  misstatement.
6. We did not review the interim financial results /financial information of six subsidiaries  included
in the unaudited consolidated financial results, whose interim financial results/ financial
information reflect total assets of ? 22,649.26 million as at September 30, 2024 and, total
revenues of ? 3,369.27 million and ? 7,252.75 million for the quarter and half-year ended
September  30, 2024  respectively,  total loss after tax of ? 1,172.36  million  and ? 1,905.92  million
for the quarter and half-year ended September 30, 2024 respectively and total comprehensive
loss of ? 1,172.36 million  and ? 1,905.92 million for the quarter and half-year ended  September
30, 2024 respectively and net cash  outflows of ? 3.67 million for the half-year  ended  September
30, 2024, as considered  in the Statement. These  interim financial results/ financial information
have been reviewed by other auditors whose reports have been furnished to us by the
Management and our conclusion on the Statement, in so far as it relates to the amounts and
disclosures  included in respect of these subsidiaries, is based  solely on the reports of the other
auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion  on the Statement is not modified in respect of this matter.
7. The unaudited consolidated financial results includes the interim financial results/ financial
information of four subsidiaries which have not been  reviewed by their auditors, whose  interim
financial results/ financial information reflect total assets of ? 703.04 million as at September
30, 2024 and, total revenue of ? 1.84 million and ? 7.30 million for the quarter and half-year
ended September 30, 2024 respectively, total loss after tax of ? 0.06 million and ? 0.51 million
for the quarter and half-year ended September 30, 2024 respectively and total comprehensive
loss of ? 0.06 million and ? 0.51 million for the quarter and half-year months ended  September
30, 2024 respectively and net cash  outflows of ? 7.26 million for the half-year  ended  September
30, 2024, as considered  in the Statement. According  to the information and explanations given
to us by the Management, these interim financial results/ financial information are not material
to the Group.
Our conclusion  on the Statement  is not modified  in respect  of our reliance on the interim financial
results/ financial information certified by the Management.
For Deloitte  Haskins  & Sells
Chartered Accountants
(F.R.N: 008072S)
!k' dJL
Monisha Parikh
Partner
(Membership No. 047840)
UDIN: 24047840BKFJAF4587
Place:  Bengaluru
Date: November 4, 2024
Page  2 of 2Deloitte
Haskins  & Sells
5. Based  on our review conducted and procedures performed as stated in paragraph 3 above and
based  on the consideration of the review reports of the other auditors referred to in paragraph
6 below, nothing has come to our attention that causes  us to believe that the accompanying
Statement, prepared in accordance  with the recognition and measurement principles laid down
in the aforesaid  Indian Accounting Standard and other accounting principles generally accepted
in India, has not disclosed  the information required to be disclosed  in terms of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
including  the manner  in which  it is to be disclosed,  or that it contains any material  misstatement.
6. We did not review the interim financial results /financial information of six subsidiaries  included
in the unaudited consolidated financial results, whose interim financial results/ financial
information reflect total assets of ? 22,649.26 million as at September 30, 2024 and, total
revenues of ? 3,369.27 million and ? 7,252.75 million for the quarter and half-year ended
September  30, 2024  respectively,  total loss after  tax of ? 1,172.36  million  and ? 1,905.92  million
for the quarter and half-year ended September 30, 2024 respectively and total comprehensive
loss of ? 1,172.36 million  and ? 1,905.92 million for the quarter and half-year ended  September
30, 2024  respectively and net cash  outflows of ? 3.67 million for the half-year  ended  September
30, 2024, as considered  in the Statement. These  interim financial results/ financial information
have been reviewed by other auditors whose reports have been furnished to us by the
Management and our conclusion on the Statement, in so far as it relates to the amounts and
disclosures  included in respect of these subsidiaries, is based  solely on the reports of the other
auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion  on the Statement is not modified in respect of this matter.
7. The unaudited consolidated financial results includes the interim financial results/ financial
information of four subsidiaries which have not been  reviewed by their auditors, whose  interim
financial results/ financial information reflect total assets of ? 703.04 million as at September
30, 2024 and, total revenue of ? 1.84 million and ? 7.30 million for the quarter and half-year
ended September 30, 2024 respectively, total loss after tax of ? 0.06 million and ? 0.51  million
for the quarter and half-year ended September 30, 2024 respectively and total comprehensive
loss of ? 0.06 million and ? 0.51  million for the quarter and half-year months ended  September
30, 2024 respectively and net cash  outflows of ? 7.26 million for the half-year  ended  September
30, 2024, as considered  in the Statement. According  to the information and explanations given
to us by the Management, these interim financial results/ financial information are not material
to the Group.
Our conclusion  on the Statement  is not modified  in respect  of our reliance on the interim financial
results/ financial information certified by the Management.
For Deloitte  Haskins & Sells
Chartered Accountants
(F.R.N: 008072S)
<UL
Monisha Parikh
Partner
(Membership No. 047840)
UDIN: 24047840BKFJAF4587
Place:  Bengaluru
Date: November 4, 2024
Page  2 of 2Deloitte
Haskins  & Sells
5. Based  on our review conducted and procedures performed as stated in paragraph 3 above and
based  on the consideration of the review reports of the other auditors referred to in paragraph
6 below, nothing has come to our attention that causes  us to believe that the accompanying
Statement, prepared in accordance  with the recognition and measurement principles laid down
in the aforesaid  Indian Accounting Standard and other accounting principles generally accepted
in India, has not disclosed  the information required to be disclosed  in terms of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
including  the manner  in which  it is to be disclosed,  or that it contains any material  misstatement.
6. We did not review the interim financial results /financial information of six subsidiaries  included
in the unaudited consolidated financial results, whose interim financial results/ financial
information reflect total assets of ? 22,649.26 million as at September 30, 2024 and, total
revenues of ? 3,369.27 million and ? 7,252.75 million for the quarter and half-year ended
September  30, 2024  respectively,  total loss after  tax of ? 1,172.36  million  and ? 1,905.92  million
for the quarter and half-year ended September 30, 2024 respectively and total comprehensive
loss of ? 1,172.36 million  and ? 1,905.92 million for the quarter and half-year ended  September
30, 2024  respectively and net cash  outflows of ? 3.67 million for the half-year  ended  September
30, 2024, as considered  in the Statement. These  interim financial results/ financial information
have been reviewed by other auditors whose reports have been furnished to us by the
Management and our conclusion on the Statement, in so far as it relates to the amounts and
disclosures  included in respect of these subsidiaries, is based  solely on the reports of the other
auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion  on the Statement is not modified in respect of this matter.
7. The unaudited consolidated financial results includes the interim financial results/ financial
information of four subsidiaries which have not been  reviewed by their auditors, whose  interim
financial results/ financial information reflect total assets of ? 703.04 million as at September
30, 2024 and, total revenue of ? 1.84 million and ? 7.30 million for the quarter and half-year
ended September 30, 2024 respectively, total loss after tax of ? 0.06 million and ? 0.51  million
for the quarter and half-year ended September 30, 2024 respectively and total comprehensive
loss of ? 0.06 million and ? 0.51  million for the quarter and half-year months ended  September
30, 2024 respectively and net cash  outflows of ? 7.26 million for the half-year  ended  September
30, 2024, as considered  in the Statement. According  to the information and explanations given
to us by the Management, these interim financial results/ financial information are not material
to the Group.
Our conclusion  on the Statement  is not modified  in respect  of our reliance on the interim financial
results/ financial information certified by the Management.
For Deloitte  Haskins & Sells
Chartered Accountants
(F.R.N: 008072S)
<UL
Monisha Parikh
Partner
(Membership No. 047840)
UDIN: 24047840BKFJAF4587
Place:  Bengaluru
Date: November 4, 2024
Page  2 of 2GLAND PHARMA LIMITED
Corporate  Identity Number: L24239TG1978PLC002276
Registered Office:  Sy. No. 143 - 148, 150 and 151, Near Gandi Maisamma  ‘X’ Roads, D P. Pally, Dundigal
C[ ANDI Dundigal  - Gandi Maisamma  (M), Medchal-Malkajgiri District,  Hyderabad 500 043, Telangana, India
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>; Website: www.glandpharma.com; E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Statement of Unaudited Consolidated Financial Results for the quarter and half year ended September  30, 2024
(? in million)
ParticularsQuarter ended Half  year ended Year ended
30-Sep-24 30-Jun-24 30-Sep-23 30-Sep-24 30-Sep-23 31-Mar-24
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Income
Revenue  from operations
Other income
Total income
2. Expenses
Cost of materials  consumed
Purchase  of stock-in-trade
Changes in inventories of finished goods,  stock-in-trade  and
work-in-progress
Power and fuel
Employee benefits expense
Depreciation and amortisation expense
Finance  costs
Other expenses
Total expenses
3. Profit before tax (1-2)
4. Tax expense
Current tax
Deferred tax
Taxes of earlier  years
Total tax expense
5. Profit  for the period/year (3-4)
Attributable  to:
- Owners  of the Company
- Non-controlling interests
6. Other comprehensive income
Items that will not be reclassified  subsequently  to profit  or loss:
Remeasurement  of defined benefit plans
Deferred tax impact on remeasurement  of defined benefit plans
Items that will be reclassified  subsequently  to profit or loss:
Exchange  differences  on translation of foreign  operations
Total other comprehensive  (income)Zloss,  net of tax
7. Total comprehensive income (5-6)
Attributable to:
- Owners  of the Company
- Non-controlling interests
8. Paid up equity share capital (Face  value of ?1Z- each)
9. Other  equity
10. Earnings per equity share (Face value of ?1Z- each):
(Not annualised for the quarter  and half year ended)
Basic (?)
Diluted (?)14,058.33
596.5914,017.10
514.2613,734.24
531.5528,075.43
1,110.8525,821.17
906.9756,647.22
1,702.35
14,654.92 14,531.36 14,265.79 29,186.28 26,728.14 58,349.57
4,858.77
26.59
869.27
453.75
3,298.10
938.26
61.12
1,581.284,616.52
65.83
960.22
465.18
3,555.27
919.62
56.16
1,710.115,179.21
61.34
(24.91)
582.80
3,049.54
813.00
60.46
1,645.479,475.29
92.42
1,829.49
918.93
6,853.37
1,857.88
117.28
3,291.399,834.52
99.26
(189.11)
1,080.72
5,599.58
1,466.15
109.61
3,215.8720,221.37
230.66
1,278.85
2,299.91
12,568.93
3,445.66
262.00
6,716.77
12,087.14 12,348.91 11,366.91 24,436.05 21,216.60 47,024.15
2,567.78 2,182.45 2,898.88 4,750.23 5,511.54 11,325.42
958.84
(26.58)
0.20777.91
(33.07)890.44
67.621,736.75
(59.65)
0.201,481.34
148.363,492.99
143.34
(35.51)
932.46 744.84 958.06 1,677.30 1,629.70 3,600.82
1,635.32 1,437.61 1,940.82 3,072.93 3,881.84 7,724.60
1,635.32
(21.07)
5.30
(947.52)1,437.61
6.21
(1.56)
117.301,940.82
(16.55)
2.08
170.593,072.93
(14.86)
3.74
(830.22)3,881.84
(9.03)
0.19
411.417,724.60
25.19
(6.34)
59.80
(963.29) 121.95 156.12 (841.34) 402.57 78.65
2,598.61 1,315.66 1,784.70 3,914.27 3,479.27 7,645.95
2,598.61
164.75
9.93
9.931,315.66
164.75
8.73
8.731,784.70
164.70
11.78
11.783,914.27
164.75
18.65
18.653,479.27
164.70
23.57
23.567,645.95
164.75
87,073.72
46.90
46.89— 
I CHARTERED \ (/)
o (ACCOUNTANTS) m
WkGLAND  PHARMA LIMITED
Corporate  Identity Number: L24239TG1978PLC002276
Registered Office:  Sy. No. 143 - 148, 150 and 151, Near Gandi Maisamma  ‘X’ Roads, D P. Pally, Dundigal
C[ ANDI Dundigal  - Gandi  Maisamma  (M), Medchal-Malkajgiri District,  Hyderabad 500 043, Telangana, India
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>; Website: www.glandpharma.com; E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Statement of Unaudited Consolidated Financial Results for the quarter and half year  ended September  30, 2024
(? in million)
ParticularsQuarter ended Half  year ended Year  ended
30-Sep-24 30-Jun-24 30-Sep-23 30-Sep-24 30-Sep-23 31-Mar-24
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Income
Revenue  from operations
Other income
Total income
2. Expenses
Cost of materials  consumed
Purchase  of stock-in-trade
Changes in inventories of finished goods,  stock-in-trade  and
work-in-progress
Power and fuel
Employee benefits expense
Depreciation and amortisation expense
Finance  costs
Other  expenses
Total expenses
3. Profit before tax (1-2)
4. Tax expense
Current tax
Deferred tax
Taxes  of earlier  years
Total tax expense
5. Profit  for the period/year (3-4)
Attributable  to:
- Owners  of the Company
- Non-controlling interests
6. Other  comprehensive income
Items  that will not be reclassified  subsequently  to profit  or loss:
Remeasurement  of defined benefit plans
Deferred tax impact on remeasurement  of defined benefit plans
Items  that will be reclassified  subsequently  to profit or loss:
Exchange  differences  on translation of foreign  operations
Total other  comprehensive  (income)Zloss,  net of tax
7. Total comprehensive income (5-6)
Attributable to:
- Owners  of the Company
- Non-controlling interests
8. Paid up equity share  capital (Face  value of ?1Z- each)
9. Other  equity
10. Earnings per equity share (Face  value of ?1Z- each):
(Not annualised for the quarter  and half year ended)
Basic  (?)
Diluted (?)14,058.33
596.5914,017.10
514.2613,734.24
531.5528,075.43
1,110.8525,821.17
906.9756,647.22
1,702.35
14,654.92 14,531.36 14,265.79 29,186.28 26,728.14 58,349.57
4,858.77
26.59
869.27
453.75
3,298.10
938.26
61.12
1,581.284,616.52
65.83
960.22
465.18
3,555.27
919.62
56.16
1,710.115,179.21
61.34
(24.91)
582.80
3,049.54
813.00
60.46
1,645.479,475.29
92.42
1,829.49
918.93
6,853.37
1,857.88
117.28
3,291.399,834.52
99.26
(189.11)
1,080.72
5,599.58
1,466.15
109.61
3,215.8720,221.37
230.66
1,278.85
2,299.91
12,568.93
3,445.66
262.00
6,716.77
12,087.14 12,348.91 11,366.91 24,436.05 21,216.60 47,024.15
2,567.78 2,182.45 2,898.88 4,750.23 5,511.54 11,325.42
958.84
(26.58)
0.20777.91
(33.07)890.44
67.621,736.75
(59.65)
0.201,481.34
148.363,492.99
143.34
(35.51)
932.46 744.84 958.06 1,677.30 1,629.70 3,600.82
1,635.32 1,437.61 1,940.82 3,072.93 3,881.84 7,724.60
1,635.32
(21.07)
5.30
(947.52)1,437.61
6.21
(1.56)
117.301,940.82
(16.55)
2.08
170.593,072.93
(14.86)
3.74
(830.22)3,881.84
(9.03)
0.19
411.417,724.60
25.19
(6.34)
59.80
(963.29) 121.95 156.12 (841.34) 402.57 78.65
2,598.61 1,315.66 1,784.70 3,914.27 3,479.27 7,645.95
2,598.61
164.75
9.93
9.931,315.66
164.75
8.73
8.731,784.70
164.70
11.78
11.783,914.27
164.75
18.65
18.653,479.27
164.70
23.57
23.567,645.95
164.75
87,073.72
46.90
46.89— 
I CHARTERED \ (/)
o (ACCOUNTANTS J m
Wk jm
I I o
'<$7GLANDJGLAND  PHARMA LIMITED
Corporate  Identity Number: L24239TG1978PLC002276
Registered Office:  Sy. No. 143 - 148, 150 and 151, Near Gandi Maisamma  ‘X’ Roads, D P. Pally, Dundigal
C[ ANDI Dundigal  - Gandi  Maisamma  (M), Medchal-Malkajgiri District,  Hyderabad 500 043, Telangana, India
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>; Website: www.glandpharma.com; E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Statement of Unaudited Consolidated Financial Results for the quarter and half year  ended September  30, 2024
(? in million)
ParticularsQuarter ended Half  year ended Year  ended
30-Sep-24 30-Jun-24 30-Sep-23 30-Sep-24 30-Sep-23 31-Mar-24
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Income
Revenue  from operations
Other income
Total income
2. Expenses
Cost of materials  consumed
Purchase  of stock-in-trade
Changes in inventories of finished goods,  stock-in-trade  and
work-in-progress
Power and fuel
Employee benefits expense
Depreciation and amortisation expense
Finance  costs
Other  expenses
Total expenses
3. Profit before tax (1-2)
4. Tax expense
Current tax
Deferred tax
Taxes  of earlier  years
Total tax expense
5. Profit  for the period/year (3-4)
Attributable  to:
- Owners  of the Company
- Non-controlling interests
6. Other  comprehensive income
Items  that will not be reclassified  subsequently  to profit  or loss:
Remeasurement  of defined benefit plans
Deferred tax impact on remeasurement  of defined benefit plans
Items  that will be reclassified  subsequently  to profit or loss:
Exchange  differences  on translation of foreign  operations
Total other  comprehensive  (income)Zloss,  net of tax
7. Total comprehensive income (5-6)
Attributable to:
- Owners  of the Company
- Non-controlling interests
8. Paid up equity share  capital (Face  value of ?1Z- each)
9. Other  equity
10. Earnings per equity share (Face  value of ?1Z- each):
(Not annualised for the quarter  and half year ended)
Basic  (?)
Diluted (?)14,058.33
596.5914,017.10
514.2613,734.24
531.5528,075.43
1,110.8525,821.17
906.9756,647.22
1,702.35
14,654.92 14,531.36 14,265.79 29,186.28 26,728.14 58,349.57
4,858.77
26.59
869.27
453.75
3,298.10
938.26
61.12
1,581.284,616.52
65.83
960.22
465.18
3,555.27
919.62
56.16
1,710.115,179.21
61.34
(24.91)
582.80
3,049.54
813.00
60.46
1,645.479,475.29
92.42
1,829.49
918.93
6,853.37
1,857.88
117.28
3,291.399,834.52
99.26
(189.11)
1,080.72
5,599.58
1,466.15
109.61
3,215.8720,221.37
230.66
1,278.85
2,299.91
12,568.93
3,445.66
262.00
6,716.77
12,087.14 12,348.91 11,366.91 24,436.05 21,216.60 47,024.15
2,567.78 2,182.45 2,898.88 4,750.23 5,511.54 11,325.42
958.84
(26.58)
0.20777.91
(33.07)890.44
67.621,736.75
(59.65)
0.201,481.34
148.363,492.99
143.34
(35.51)
932.46 744.84 958.06 1,677.30 1,629.70 3,600.82
1,635.32 1,437.61 1,940.82 3,072.93 3,881.84 7,724.60
1,635.32
(21.07)
5.30
(947.52)1,437.61
6.21
(1.56)
117.301,940.82
(16.55)
2.08
170.593,072.93
(14.86)
3.74
(830.22)3,881.84
(9.03)
0.19
411.417,724.60
25.19
(6.34)
59.80
(963.29) 121.95 156.12 (841.34) 402.57 78.65
2,598.61 1,315.66 1,784.70 3,914.27 3,479.27 7,645.95
2,598.61
164.75
9.93
9.931,315.66
164.75
8.73
8.731,784.70
164.70
11.78
11.783,914.27
164.75
18.65
18.653,479.27
164.70
23.57
23.567,645.95
164.75
87,073.72
46.90
46.89— 
I CHARTERED \ (/)
o (ACCOUNTANTS J m
Wk jm
I I o
'<$7GLANDJNotes:
1. In terms of Regulation 33 of the SEBI (Listing Obligations  and Disclosure Requirements) Regulations, 2015, this Statement of Unaudited
Consolidated Financial Results for the quarter and half year ended September 30, 2024 ("Unaudited Consolidated Financial Results") of
Gland Pharma Limited (the "Holding Company" or the "Company") and its subsidiaries, (the Holding Company and its subsidiaries
together referred to as the "Group") has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings
held on November 4, 2024. The statutory auditors have carried out a limited review on the Unaudited Consolidated Financial Results and
issued an unmodified report thereon.
2. The Unaudited Consolidated Financial Results of the Group have been prepared in accordance with the Indian Accounting Standards
notified under Section 133 of the Companies  Act 2013, as amended and read with relevant rules thereunder and in terms of Regulation 33
of the SEBI (Listing  Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing requirements").
3. The Group is engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per Ind
AS 108- 'Operating  Segments'.
4. The Unaudited Consolidated Balance Sheet and Unaudited Consolidated Statement of Cash Flows are set out in Annexure A and
Annexure  B respectively.
5. The previous periods/year numbers  have been regrouped/rearranged wherever  necessary to conform with the current period presentation.
6. The above Unaudited Consolidated Financial Results of the Group are available on the Company’s website www.glandpharma.com and
also on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com), where the
equity shares of the Company are listed.
GLAND]For and on behalf  of the Board
Gland Pharma Limited
Srinivas Sadu
Executive  Chairman  and CEO
DIN No. 06900659Hyderabad
November 4, 2024— 
I CHARTERED \ (/)
O I ACCOUNTANTS/ mNotes:
1. In terms of Regulation 33 of the SEBI (Listing Obligations  and Disclosure Requirements) Regulations, 2015, this Statement of Unaudited
Consolidated Financial Results for the quarter and half year ended September 30, 2024 ("Unaudited Consolidated Financial Results") of
Gland Pharma Limited (the "Holding Company" or the "Company") and its subsidiaries, (the Holding Company and its subsidiaries
together referred to as the "Group") has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings
held on November 4, 2024. The statutory auditors have carried out a limited review on the Unaudited Consolidated Financial Results and
issued an unmodified report thereon.
2. The Unaudited Consolidated Financial Results of the Group have been prepared in accordance with the Indian Accounting Standards
notified under Section 133 of the Companies  Act 2013, as amended and read with relevant rules thereunder and in terms of Regulation 33
of the SEBI (Listing  Obligations and Disclosure Requirements) Regulations, 2015,  as amended (the "Listing requirements").
3. The Group is engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per Ind
AS 108- 'Operating  Segments'.
4. The Unaudited Consolidated Balance Sheet and Unaudited Consolidated Statement of Cash Flows are set out in Annexure A and
Annexure  B respectively.
5. The previous periods/year numbers  have been regrouped/rearranged wherever  necessary to conform with the current period presentation.
6. The above Unaudited Consolidated Financial Results of the Group are available on the Company’s website www.glandpharma.com and
also on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com), where the
equity shares of the Company are listed.
&'T/ I
el GLAND]GLAND]For and on behalf  of the Board
Gland  Pharma Limited
Srinivas Sadu
Executive  Chairman  and CEO
DIN No. 06900659Hyderabad
November 4, 2024
\<F— 
I CHARTERED \ (/)
O I ACCOUNTANTS/ mNotes:
1. In terms of Regulation 33 of the SEBI (Listing Obligations  and Disclosure Requirements) Regulations, 2015, this Statement of Unaudited
Consolidated Financial Results for the quarter and half year ended September 30, 2024 ("Unaudited Consolidated Financial Results") of
Gland Pharma Limited (the "Holding Company" or the "Company") and its subsidiaries, (the Holding Company and its subsidiaries
together referred to as the "Group") has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings
held on November 4, 2024. The statutory auditors have carried out a limited review on the Unaudited Consolidated Financial Results and
issued an unmodified report thereon.
2. The Unaudited Consolidated Financial Results of the Group have been prepared in accordance with the Indian Accounting Standards
notified under Section 133 of the Companies  Act 2013, as amended and read with relevant rules thereunder and in terms of Regulation 33
of the SEBI (Listing  Obligations and Disclosure Requirements) Regulations, 2015,  as amended (the "Listing requirements").
3. The Group is engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per Ind
AS 108- 'Operating  Segments'.
4. The Unaudited Consolidated Balance Sheet and Unaudited Consolidated Statement of Cash Flows are set out in Annexure A and
Annexure  B respectively.
5. The previous periods/year numbers  have been regrouped/rearranged wherever  necessary to conform with the current period presentation.
6. The above Unaudited Consolidated Financial Results of the Group are available on the Company’s website www.glandpharma.com and
also on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com), where the
equity shares of the Company are listed.
&'T/ I
el GLAND]GLAND]For and on behalf  of the Board
Gland  Pharma Limited
Srinivas Sadu
Executive  Chairman  and CEO
DIN No. 06900659Hyderabad
November 4, 2024
\<F— 
I CHARTERED \ (/)
O I ACCOUNTANTS/ mAnnexure  A
Unaudited Consolidated Balance Sheet as at September  30, 2024
N in million)
As at As at
Particulars 30-Sep-24 31-Mar-24
Unaudited Audited
ASSETS
Non-current  assets
Property, plant and equipment 36,098.79 35,413.09
Right-of-use assets 462.24 509.60
Capital work-in-progress 2,766.85 2,378.83
Goodwill 2,527.58 2,422.59
Intangible assets
Financial assets1,124.59 1,122.19
Other financial assets - 6,559.13
Deferred  tax assets, net 527.09 504.37
Tax assets, net 274.82 274.94
Other non-cunent  assets 845.53 976.20
44,627.49 50,160.94
Current  assets
Inventories
Financial assets15,770.31 16,552.37
Trade receivables 14,899.73 15,586.90
Cash and cash equivalents 28,201.08 3,570.88
Bank balances other than cash and cash equivalents - 14,823.44
Other financial assets 1,102.76 2,519.34
Other current assets 4,067.57 3,398.59
64,041.45 56,451.52
Total Assets 108,668.94 106,612.46
EQUITY AND LIABILITIES
Equity
Equity share capital 164.75 164.71
Other  equity 87,715.25 87,073.72
Equity attributable to the owners of the Company 87,880.00 87,238.43
Non-controlling  interests - -
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 936.17 1,065.40
Lease  liabilities 318.01 346.79
Provisions 1,494.16 1,372.12
Deferred  tax liabilities, net 2,191.71 2,201.23
Other non-current  liabilities 461.30 404.86
5,401.35 5,390.40
Current liabilities
Financial  liabilities
Borrowings 1,851.52 2,132.42
Lease  liabilities 160.58 177.05
Trade payables 9,976.66 8,626.92
Other financial liabilities 63.16 92.60
Provisions 569.29 589.07
Current  tax liabilities, net 1,028.33 516.37
Other current  liabilities 1,738.05 1,849.20
15,387.59 13,983.63
Total Equity and Liabilities 108,668.94 106,612.46
45/ VA— 
I CHARTERED A (p
o (ACCOUNTANTS)  m
\(?V_Unaudited Consolidated Balance Sheet  as at September  30, 2024Annexure  A
(? in million)
As at As at
Particulars 30-Sep-24 31-Mar-24
Unaudited Audited
ASSETS
Non-current  assets
Property, plant and equipment 36,098.79 35,413.09
Right-of-use assets 462.24 509.60
Capital work-in-progress 2,766.85 2,378.83
Goodwill 2,527.58 2,422.59
Intangible assets
Financial assets1,124.59 1,122.19
Other  financial assets - 6,559.13
Deferred  tax assets, net 527.09 504.37
Tax assets, net 274.82 274.94
Other  non-cunent  assets 845.53 976.20
44,627.49 50,160.94
Current  assets
Inventories
Financial assets15,770.31 16,552.37
Trade  receivables 14,899.73 15,586.90
Cash and cash equivalents 28,201.08 3,570.88
Bank  balances other  than cash and cash equivalents - 14,823.44
Other financial assets 1,102.76 2,519.34
Other current assets 4,067.57 3,398.59
64,041.45 56,451.52
Total  Assets 108,668.94 106,612.46
EQUITY  AND  LIABILITIES
Equity
Equity  share  capital 164.75 164.71
Other  equity 87,715.25 87,073.72
Equity  attributable to the owners  of the Company 87,880.00 87,238.43
Non-controlling  interests - -
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 936.17 1,065.40
Lease  liabilities 318.01 346.79
Provisions 1,494.16 1,372.12
Deferred  tax liabilities, net 2,191.71 2,201.23
Other  non-current  liabilities 461.30 404.86
5,401.35 5,390.40
Current liabilities
Financial  liabilities
Borrowings 1,851.52 2,132.42
Lease  liabilities 160.58 177.05
Trade  payables 9,976.66 8,626.92
Other financial liabilities 63.16 92.60
Provisions 569.29 589.07
Current  tax liabilities, net 1,028.33 516.37
Other  current  liabilities 1,738.05 1,849.20
15,387.59 13,983.63
Total  Equity and Liabilities 108,668.94 106,612.46
45/ VA— 
I CHARTERED A <p
o (ACCOUNTANTS)  m
\(?V_I o/*y
wUnaudited Consolidated Balance Sheet  as at September  30, 2024Annexure  A
(? in million)
As at As at
Particulars 30-Sep-24 31-Mar-24
Unaudited Audited
ASSETS
Non-current  assets
Property, plant and equipment 36,098.79 35,413.09
Right-of-use assets 462.24 509.60
Capital work-in-progress 2,766.85 2,378.83
Goodwill 2,527.58 2,422.59
Intangible assets
Financial assets1,124.59 1,122.19
Other  financial assets - 6,559.13
Deferred  tax assets, net 527.09 504.37
Tax assets, net 274.82 274.94
Other  non-cunent  assets 845.53 976.20
44,627.49 50,160.94
Current  assets
Inventories
Financial assets15,770.31 16,552.37
Trade  receivables 14,899.73 15,586.90
Cash and cash equivalents 28,201.08 3,570.88
Bank  balances other  than cash and cash equivalents - 14,823.44
Other financial assets 1,102.76 2,519.34
Other current assets 4,067.57 3,398.59
64,041.45 56,451.52
Total  Assets 108,668.94 106,612.46
EQUITY  AND  LIABILITIES
Equity
Equity  share  capital 164.75 164.71
Other  equity 87,715.25 87,073.72
Equity  attributable to the owners  of the Company 87,880.00 87,238.43
Non-controlling  interests - -
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 936.17 1,065.40
Lease  liabilities 318.01 346.79
Provisions 1,494.16 1,372.12
Deferred  tax liabilities, net 2,191.71 2,201.23
Other  non-current  liabilities 461.30 404.86
5,401.35 5,390.40
Current liabilities
Financial  liabilities
Borrowings 1,851.52 2,132.42
Lease  liabilities 160.58 177.05
Trade  payables 9,976.66 8,626.92
Other financial liabilities 63.16 92.60
Provisions 569.29 589.07
Current  tax liabilities, net 1,028.33 516.37
Other  current  liabilities 1,738.05 1,849.20
15,387.59 13,983.63
Total  Equity and Liabilities 108,668.94 106,612.46
45/ VA— 
I CHARTERED A <p
o (ACCOUNTANTS)  m
\(?V_I o/*y
wAnnexure  B
Unaudited Consolidated Statement  of Cash Flows for the half year ended September  30, 2024
(? in million)
Half  year ended
30-Sep-24 30-Sep-23
Unaudited Unaudited
4,750.23 5,511.54
1,857.88 1,466.15
8.81 105.83
- 6.35
117.28 88.33
(81.26) (81.64)
(7.22) (0.12)
(0.02) (2.74)
(1,022.94) (675.58)
820.71 (1,340.34)
952.48 2,297.37
(520.56) 379.04
865.81 (2,761.04)
(71.22) 320.02
7,669.98 5,313.17
(1,233.67) (1,095.50)
6,436.31 4,217.67
(1,570.89) (1,605.53)
0.02 7.00
(102.97) (58.95)
(3,239.84) (159.99)
3,247.06 160.11
23,368.44 798.66
424.55 578.70
- (10,217.56)
22,126.37 (10,497.56)
22.33 0.60
135.86 -
(674.08) (7,891.24)
(99.20) (31.51)
(117.28) (88.33)
(3,295.03) -
(4,027.40) (8,010.48)
24,535.28 (14,290.37)
94.92 9.62
3,570.88 19,088.95
28,201.08 4,808.20Particulars
Cash flow from operating activities
Profit before  tax
Adjustments  for:
Depreciation and amortisation expense
Allowance for credit losses
Bad debts written off
Finance costs
Unrealised foreign exchange gain, net
Gain on sale of investments
Gain on disposal  of property, plant and equipment, net
Interest income
Changes  in operating assets and liabilities:
Trade receivables
Inventories
Loans and other assets
Trade payables and other financial liabilities
Provisions and other liabilities
Cash generated from operations
Income taxes paid, net
Net cash generated from operating  activities  (A)
Cash flows from investing activities
Purchase  of property, plant and equipment
Proceeds from disposal  of property, plant and equipment
Purchase  of other intangible assets
Purchase  of investments
Proceeds from sale of investments
Deposits with banks and others, net
Interest received
Consideration paid for the acquisition of subsidiaries*
Net cash generated from/ (used in) investing activities  (B)
Cash flows from financing  activities
Proceeds from the exercise  of employee  stock option
Proceeds from borrowings
Repayment  of borrowings
Payment towards principal portion of lease liabilities
Finance  costs paid (including  interest  on lease liabilities)
Dividend paid
Net cash used in financing activities  (C)
Net increase/ (decrease) in cash and cash equivalents  (A+B+C)
Effect of exchange  differences on cash and cash equivalents held in foreign  currency
Cash and cash equivalents  at the beginning  of the period
Cash and cash equivalents  at the end of the period  __________________________
*Net of cash acquired, ?95.63 million during the previous  comparative  period— 
/ CHARTERED \ Q)
O I ACCOUNTANTS!  mAnnexure B
Unaudited Consolidated Statement  of Cash Flows  for the half year  ended September  30, 2024
(? in million)
Half  year  ended
30-Sep-24 30-Sep-23
Unaudited Unaudited
4,750.23 5,511.54
1,857.88 1,466.15
8.81 105.83
- 6.35
117.28 88.33
(81.26) (81.64)
(7.22) (0.12)
(0.02) (2.74)
(1,022.94) (675.58)
820.71 (1,340.34)
952.48 2,297.37
(520.56) 379.04
865.81 (2,761.04)
(71.22) 320.02
7,669.98 5,313.17
(1,233.67) (1,095.50)
6,436.31 4,217.67
(1,570.89) (1,605.53)
0.02 7.00
(102.97) (58.95)
(3,239.84) (159.99)
3,247.06 160.11
23,368.44 798.66
424.55 578.70
- (10,217.56)
22,126.37 (10,497.56)
22.33 0.60
135.86 -
(674.08) (7,891.24)
(99.20) (31.51)
(117.28) (88.33)
(3,295.03) -
(4,027.40) (8,010.48)
24,535.28 (14,290.37)
94.92 9.62
3,570.88 19,088.95
28,201.08 4,808.20Particulars
Cash  flow from operating activities
Profit before  tax
Adjustments  for:
Depreciation and amortisation expense
Allowance for credit  losses
Bad debts written off
Finance costs
Unrealised foreign exchange gain, net
Gain  on sale of investments
Gain  on disposal  of property, plant and equipment, net
Interest income
Changes  in operating assets  and liabilities:
Trade  receivables
Inventories
Loans and other assets
Trade payables and other  financial liabilities
Provisions and other  liabilities
Cash generated from  operations
Income taxes paid, net
Net cash generated from operating  activities  (A)
Cash flows  from investing activities
Purchase  of property, plant  and equipment
Proceeds from  disposal  of property, plant and equipment
Purchase  of other intangible assets
Purchase  of investments
Proceeds from sale of investments
Deposits with banks  and others, net
Interest received
Consideration paid for the acquisition of subsidiaries*
Net cash generated from/  (used in) investing activities  (B)
Cash flows  from financing  activities
Proceeds from  the exercise  of employee  stock  option
Proceeds from  borrowings
Repayment  of borrowings
Payment towards principal portion of lease  liabilities
Finance  costs paid (including  interest  on lease  liabilities)
Dividend paid
Net cash used in financing activities  (C)
Net increase/ (decrease) in cash and cash equivalents  (A+B+C)
Effect of exchange  differences on cash and cash equivalents held in foreign  currency
Cash and cash equivalents  at the beginning  of the period
Cash and cash  equivalents  at the end of the period  __________________________
*Net of cash acquired, ?95.63  million during  the previous  comparative  period
1 0
I u
I1GLAND— / CHARTERED \ Q)
O I ACCOUNTANTS!  mAnnexure B
Unaudited Consolidated Statement  of Cash Flows  for the half year  ended September  30, 2024
(? in million)
Half  year  ended
30-Sep-24 30-Sep-23
Unaudited Unaudited
4,750.23 5,511.54
1,857.88 1,466.15
8.81 105.83
- 6.35
117.28 88.33
(81.26) (81.64)
(7.22) (0.12)
(0.02) (2.74)
(1,022.94) (675.58)
820.71 (1,340.34)
952.48 2,297.37
(520.56) 379.04
865.81 (2,761.04)
(71.22) 320.02
7,669.98 5,313.17
(1,233.67) (1,095.50)
6,436.31 4,217.67
(1,570.89) (1,605.53)
0.02 7.00
(102.97) (58.95)
(3,239.84) (159.99)
3,247.06 160.11
23,368.44 798.66
424.55 578.70
- (10,217.56)
22,126.37 (10,497.56)
22.33 0.60
135.86 -
(674.08) (7,891.24)
(99.20) (31.51)
(117.28) (88.33)
(3,295.03) -
(4,027.40) (8,010.48)
24,535.28 (14,290.37)
94.92 9.62
3,570.88 19,088.95
28,201.08 4,808.20Particulars
Cash  flow from operating activities
Profit before  tax
Adjustments  for:
Depreciation and amortisation expense
Allowance for credit  losses
Bad debts written off
Finance costs
Unrealised foreign exchange gain, net
Gain  on sale of investments
Gain  on disposal  of property, plant and equipment, net
Interest income
Changes  in operating assets  and liabilities:
Trade  receivables
Inventories
Loans and other assets
Trade payables and other  financial liabilities
Provisions and other  liabilities
Cash generated from  operations
Income taxes paid, net
Net cash generated from operating  activities  (A)
Cash flows  from investing activities
Purchase  of property, plant  and equipment
Proceeds from  disposal  of property, plant and equipment
Purchase  of other intangible assets
Purchase  of investments
Proceeds from sale of investments
Deposits with banks  and others, net
Interest received
Consideration paid for the acquisition of subsidiaries*
Net cash generated from/  (used in) investing activities  (B)
Cash flows  from financing  activities
Proceeds from  the exercise  of employee  stock  option
Proceeds from  borrowings
Repayment  of borrowings
Payment towards principal portion of lease  liabilities
Finance  costs paid (including  interest  on lease  liabilities)
Dividend paid
Net cash used in financing activities  (C)
Net increase/ (decrease) in cash and cash equivalents  (A+B+C)
Effect of exchange  differences on cash and cash equivalents held in foreign  currency
Cash and cash equivalents  at the beginning  of the period
Cash and cash  equivalents  at the end of the period  __________________________
*Net of cash acquired, ?95.63  million during  the previous  comparative  period
1 0
I u
I1GLAND— / CHARTERED \ Q)
O I ACCOUNTANTS!  mChartered Accountants
Prestige  Trade Tower, Level 19
46, Palace  Road, High Grounds
Bengaluru - 560 001
Karnataka,  India
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
Fax: +91 80 6188 6011Deloitte
Haskins  & Sells
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE
FINANCIAL  RESULTS
TO THE BOARD  OF DIRECTORS OF
GLAND  PHARMA  LIMITED
1. We have reviewed the accompanying Statement of Unaudited Standalone Financial
Results  of Gland  Pharma Limited  ("the Company"), for the quarter and half year ended
September 30, 2024  ("the Statement"),  being submitted by the Company  pursuant  to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ("the Listing Regulations").
2. This Statement, which is the responsibility of the Company's  Management and approved
by the Company's Board of Directors, has been prepared in accordance with the
recognition and measurement principles laid down in the Indian Accounting Standard 34
"Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the
Companies Act, 2013 read with relevant rules issued thereunder and other accounting
principles generally accepted  in India and in compliance with Regulation 33 of the Listing
Regulations.  Our responsibility is to express  a conclusion on the Statement based  on our
review.
3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the
Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of
India (ICAI). A review of interim financial information consists of making inquiries,
primarily of the Company's personnel responsible for financial and accounting matters
and applying analytical and other review procedures. A review is substantially less in
scope  than an audit conducted  in accordance  with Standards on Auditing specified  under
Section 143(10) of the Companies Act, 2013 and consequently does not enable us to
obtain assurance  that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express  an audit opinion.
4. Based  on our review conducted as stated in paragraph 3 above, nothing has come to our
attention that causes us to believe that the accompanying Statement, prepared in
accordance with the recognition and measurement principles laid down in the aforesaid
Indian Accounting Standard and other accounting principles generally accepted  in India,
has not disclosed the information required to be disclosed  in terms of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, including the manner in which it is to be disclosed, or that it contains any
material misstatement.
For Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration Number: 008072S)
Monisha Parikh
Partner
Membership  No. 047840
UDIN: 24047840BKFJAE1291
Place:  Bengaluru
Date: November 4, 2024
Page 1 of 1Chartered Accountants
Prestige  Trade Tower, Level 19
46, Palace  Road, High Grounds
Bengaluru - 560 001
Karnataka,  India
Tel: +91  80 6188 6000
Fax: +91  80 6188 6011Deloitte
Haskins  & Sells
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE
FINANCIAL  RESULTS
TO THE BOARD  OF DIRECTORS OF
GLAND  PHARMA  LIMITED
1. We have reviewed the accompanying Statement of Unaudited Standalone Financial
Results  of Gland  Pharma Limited  ("the  Company"), for the quarter and half year ended
September 30, 2024  ("the  Statement"),  being  submitted by the Company  pursuant  to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ("the Listing Regulations").
2. This Statement, which is the responsibility of the Company's  Management and approved
by the Company's Board of Directors, has been prepared in accordance with the
recognition and measurement principles laid down in the Indian Accounting Standard 34
"Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the
Companies Act, 2013 read with relevant rules issued thereunder and other accounting
principles generally accepted  in India and in compliance with Regulation 33 of the Listing
Regulations.  Our responsibility is to express  a conclusion on the Statement based  on our
review.
3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the
Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of
India (ICAI). A review of interim financial information consists of making inquiries,
primarily of the Company's personnel responsible for financial and accounting matters
and applying analytical and other review procedures. A review is substantially less in
scope  than an audit conducted  in accordance  with Standards on Auditing specified  under
Section 143(10) of the Companies Act, 2013 and consequently does not enable us to
obtain assurance  that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express  an audit opinion.
4. Based  on our review conducted as stated in paragraph 3 above, nothing has come to our
attention that causes us to believe that the accompanying Statement, prepared in
accordance with the recognition and measurement principles laid down in the aforesaid
Indian Accounting Standard and other accounting principles generally accepted  in India,
has not disclosed the information required to be disclosed  in terms of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, including the manner in which it is to be disclosed, or that it contains any
material misstatement.
For Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration Number: 008072S)
Monisha Parikh
Partner
Membership No. 047840
UDIN: 24047840BKFJAE1291
Place:  Bengaluru
Date: November 4, 2024
Page 1 of 1Chartered Accountants
Prestige  Trade Tower, Level 19
46, Palace  Road, High Grounds
Bengaluru - 560 001
Karnataka,  India
Tel: +91  80 6188 6000
Fax: +91  80 6188 6011Deloitte
Haskins  & Sells
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE
FINANCIAL  RESULTS
TO THE BOARD  OF DIRECTORS OF
GLAND  PHARMA  LIMITED
1. We have reviewed the accompanying Statement of Unaudited Standalone Financial
Results  of Gland  Pharma Limited  ("the  Company"), for the quarter and half year ended
September 30, 2024  ("the  Statement"),  being  submitted by the Company  pursuant  to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ("the Listing Regulations").
2. This Statement, which is the responsibility of the Company's  Management and approved
by the Company's Board of Directors, has been prepared in accordance with the
recognition and measurement principles laid down in the Indian Accounting Standard 34
"Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the
Companies Act, 2013 read with relevant rules issued thereunder and other accounting
principles generally accepted  in India and in compliance with Regulation 33 of the Listing
Regulations.  Our responsibility is to express  a conclusion on the Statement based  on our
review.
3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the
Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of
India (ICAI). A review of interim financial information consists of making inquiries,
primarily of the Company's personnel responsible for financial and accounting matters
and applying analytical and other review procedures. A review is substantially less in
scope  than an audit conducted  in accordance  with Standards on Auditing specified  under
Section 143(10) of the Companies Act, 2013 and consequently does not enable us to
obtain assurance  that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express  an audit opinion.
4. Based  on our review conducted as stated in paragraph 3 above, nothing has come to our
attention that causes us to believe that the accompanying Statement, prepared in
accordance with the recognition and measurement principles laid down in the aforesaid
Indian Accounting Standard and other accounting principles generally accepted  in India,
has not disclosed the information required to be disclosed  in terms of Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, including the manner in which it is to be disclosed, or that it contains any
material misstatement.
For Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration Number: 008072S)
Monisha Parikh
Partner
Membership No. 047840
UDIN: 24047840BKFJAE1291
Place:  Bengaluru
Date: November 4, 2024
Page 1 of 1GLAND PHARMA LIMITED
Corporate  Identity  Number:  L24239TG1978PLC002276
Registered Office:  Sy. No. 143 - 148, 150 and 151, Near Gandi Maisamma  ‘X’ Roads, D.P. Pally, Dundigal
GLAND]  ' Dundigal - Gandi Maisamma (M), Medchal-Malkajgiri  District, Hyderabad 500 043, Telangana,  India
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>; Website:  www.glandpharma.com;  E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Statement  of Unaudited  Standalone Financial Results for the quarter and half year ended September  30, 2024
(? in million)
ParticularsQuarter  ended Half year ended Year ended
30-Sep-24 30-Jun-24 30-Sep-23 30-Sep-24 30-Sep-23 31-Mar-24
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Income
Revenue  from operations 10,629.90 10,120.24 10,106.67 20,750.14 18,947.37 41,674.28
Other income 578.03 484.90 411.14 1,062.93 763.21 1,666.66
Total income 11,207.93 10,605.14 10,517.81 21,813.07 19,710.58 43,340.94
2. Expenses
Cost of materials consumed 3,998.68 3,676.87 4,566.25 7,675.55 8,484.26 17,097.40
Purchase of stock-in-trade 26.67 65.75 61.34 92.42 99.26 231.38
Changes in inventories  of finished goods, stock-in-trade  and
work-in-progress677.41 1,042.58 (227.42) 1,719.99 (432.32) 874.32
Power  and fuel 300.78 294.16 305.08 594.94 596.71 1,171.95
Employee benefits expense 1,062.88 1,076.77 998.84 2,139.65 2,027.93 4,099.45
Depreciation and amortisation  expense 416.15 408.17 402.36 824.32 792.18 1,621.07
Finance  costs 1.72 9.11 9.14 10.83 25.10 78.43
Other expenses 925.48 1,028.58 931.59 1,954.06 2,106.92 4,111.97
Total expenses 7,409.77 7,601.99 7,047.18 15,011.76 13,700.04 29,285.97
3. Profit before tax (1-2) 3,798.16 3,003.15 3,470.63 6,801.31 6,010.54 14,054.97
4. Tax expense
Current  tax 962.99 762.12 865.83 1,725.11 1,454.63 3,410.20
Deferred tax 17.74 11.82 29.53 29.56 104.82 246.84
Taxes of earlier  years 0.33 - - 0.33 - (35.32)
Total tax expense 981.06 773.94 895.36 1,755.00 1,559.45 3,621.72
5. Profit for the period/year  (3-4) 2,817.10 2,229.21 2,575.27 5,046.31 4,451.09 10,433.25
6. Other comprehensive income
Items that will not be reclassified  subsequently to profit or loss:
Remeasurement of defined benefit plans (21.07) 6.21 (8.29) (14.86) (0.77) 24.86
Deferred tax impact on remeasurement of defined benefit plans 5.30 (1.56) 2.08 3.74 0.19 (6.26)
Total other comprehensive (income)Zloss, net of tax (15.77) 4.65 (6.21) (11.12) (0.58) 18.60
7. Total comprehensive income (5-6) 2,832.87 2,224.56 2,581.48 5,057.43 4,451.67 10,414.65
8. Paid up equity share capital (Face value of ?1/- each) 164.75 164.75 164.70 164.75 164.70 164.71
9. Other equity
10. Earnings  per equity share (Face value of ?1/- each):
(Not annualised for the quarter and half year ended)
Basic (?) 17.10 13.53 15.64 30.63 27.0389,788.18
63.35
Diluted (?) 17.10 13.53 15.63 30.63 27.02 63.33
I CHARTERED \ U)
O I ACCOUNTANTS)  m
\\£\ /GLAND PHARMA LIMITED
Corporate  Identity  Number:  L24239TG1978PLC002276
Registered Office:  Sy. No. 143 - 148, 150 and 151, Near Gandi Maisamma  ‘X’ Roads, D.P. Pally, Dundigal
GLAND]  ' Dundigal - Gandi Maisamma (M), Medchal-Malkajgiri  District, Hyderabad 500 043, Telangana,  India
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>; Website:  www.glandpharma.com;  E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Statement  of Unaudited  Standalone Financial Results for the quarter and half year ended September  30, 2024
(? in million)
ParticularsQuarter  ended Half year ended Year ended
30-Sep-24 30-Jun-24 30-Sep-23 30-Sep-24 30-Sep-23 31-Mar-24
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Income
Revenue  from operations 10,629.90 10,120.24 10,106.67 20,750.14 18,947.37 41,674.28
Other income 578.03 484.90 411.14 1,062.93 763.21 1,666.66
Total income 11,207.93 10,605.14 10,517.81 21,813.07 19,710.58 43,340.94
2. Expenses
Cost of materials consumed 3,998.68 3,676.87 4,566.25 7,675.55 8,484.26 17,097.40
Purchase of stock-in-trade 26.67 65.75 61.34 92.42 99.26 231.38
Changes in inventories  of finished goods, stock-in-trade  and
work-in-progress677.41 1,042.58 (227.42) 1,719.99 (432.32) 874.32
Power  and fuel 300.78 294.16 305.08 594.94 596.71 1,171.95
Employee benefits expense 1,062.88 1,076.77 998.84 2,139.65 2,027.93 4,099.45
Depreciation and amortisation  expense 416.15 408.17 402.36 824.32 792.18 1,621.07
Finance  costs 1.72 9.11 9.14 10.83 25.10 78.43
Other expenses 925.48 1,028.58 931.59 1,954.06 2,106.92 4,111.97
Total expenses 7,409.77 7,601.99 7,047.18 15,011.76 13,700.04 29,285.97
3. Profit before tax (1-2) 3,798.16 3,003.15 3,470.63 6,801.31 6,010.54 14,054.97
4. Tax expense
Current  tax 962.99 762.12 865.83 1,725.11 1,454.63 3,410.20
Deferred tax 17.74 11.82 29.53 29.56 104.82 246.84
Taxes of earlier  years 0.33 - - 0.33 - (35.32)
Total tax expense 981.06 773.94 895.36 1,755.00 1,559.45 3,621.72
5. Profit for the period/year  (3-4) 2,817.10 2,229.21 2,575.27 5,046.31 4,451.09 10,433.25
6. Other comprehensive income
Items that will not be reclassified  subsequently to profit or loss:
Remeasurement of defined benefit plans (21.07) 6.21 (8.29) (14.86) (0.77) 24.86
Deferred tax impact on remeasurement of defined benefit plans 5.30 (1.56) 2.08 3.74 0.19 (6.26)
Total other comprehensive (income)Zloss, net of tax (15.77) 4.65 (6.21) (11.12) (0.58) 18.60
7. Total comprehensive income (5-6) 2,832.87 2,224.56 2,581.48 5,057.43 4,451.67 10,414.65
8. Paid up equity share capital (Face value of ?1/- each) 164.75 164.75 164.70 164.75 164.70 164.71
9. Other equity
10. Earnings  per equity share (Face value of ?1/- each):
(Not annualised for the quarter and half year ended)
Basic (?) 17.10 13.53 15.64 30.63 27.0389,788.18
63.35
Diluted (?) 17.10 13.53 15.63 30.63 27.02 63.33
I CHARTERED \ U)
O I ACCOUNTANTS)  m
\\£\ /GLAND  PHARMA LIMITED
Corporate  Identity  Number:  L24239TG1978PLC002276
Registered Office:  Sy. No. 143 - 148,  150 and 151, Near  Gandi  Maisamma  ‘X’ Roads,  D.P. Pally, Dundigal
GLAND]  ' Dundigal - Gandi  Maisamma (M),  Medchal-Malkajgiri  District, Hyderabad 500 043, Telangana,  India
Tel: +91 84556  99999;  Website:  www.glandpharma.com;  E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Statement  of Unaudited  Standalone Financial Results for the quarter and half year ended September  30, 2024
(? in million)
ParticularsQuarter  ended Half  year  ended Year  ended
30-Sep-24 30-Jun-24 30-Sep-23 30-Sep-24 30-Sep-23 31-Mar-24
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1.Income
Revenue  from  operations 10,629.90 10,120.24 10,106.67 20,750.14 18,947.37 41,674.28
Other income 578.03 484.90 411.14 1,062.93 763.21 1,666.66
Total income 11,207.93 10,605.14 10,517.81 21,813.07 19,710.58 43,340.94
2.Expenses
Cost  of materials consumed 3,998.68 3,676.87 4,566.25 7,675.55 8,484.26 17,097.40
Purchase of stock-in-trade 26.67 65.75 61.34 92.42 99.26 231.38
Changes in inventories  of finished goods,  stock-in-trade  and
work-in-progress677.41 1,042.58 (227.42) 1,719.99 (432.32) 874.32
Power  and fuel 300.78 294.16 305.08 594.94 596.71 1,171.95
Employee benefits expense 1,062.88 1,076.77 998.84 2,139.65 2,027.93 4,099.45
Depreciation and amortisation  expense 416.15 408.17 402.36 824.32 792.18 1,621.07
Finance  costs 1.72 9.11 9.14 10.83 25.10 78.43
Other  expenses 925.48 1,028.58 931.59 1,954.06 2,106.92 4,111.97
Total expenses 7,409.77 7,601.99 7,047.18 15,011.76 13,700.04 29,285.97
3.Profit before tax (1-2) 3,798.16 3,003.15 3,470.63 6,801.31 6,010.54 14,054.97
4.Tax expense
Current  tax 962.99 762.12 865.83 1,725.11 1,454.63 3,410.20
Deferred tax 17.74 11.82 29.53 29.56 104.82 246.84
Taxes of earlier  years 0.33 - - 0.33 - (35.32)
Total tax expense 981.06 773.94 895.36 1,755.00 1,559.45 3,621.72
5.Profit  for the period/year (3-4) 2,817.10 2,229.21 2,575.27 5,046.31 4,451.09 10,433.25
6.Other  comprehensive income
Items  that will not be reclassified  subsequently to profit  or loss:
Remeasurement of defined benefit plans (21.07) 6.21 (8.29) (14.86) (0.77) 24.86
Deferred tax impact on remeasurement of defined benefit plans 5.30 (1.56) 2.08 3.74 0.19 (6.26)
Total other  comprehensive (income)Zloss, net of tax (15.77) 4.65 (6.21) (11.12) (0.58) 18.60
7.Total comprehensive income (5-6) 2,832.87 2,224.56 2,581.48 5,057.43 4,451.67 10,414.65
8.Paid up equity  share capital (Face  value of ?1/- each) 164.75 164.75 164.70 164.75 164.70 164.71
9.Other  equity 89,788.18
10. Earnings per equity  share (Face value of ?1/- each):
(Not annualised for the quarter and half year  ended)
Basic  (?) 17.10 13.53 15.64 30.63 27.03 63.35
Diluted (?) 17.10 13.53 15.63 30.63 27.02 63.33
I u/
★)
+7GLAND!I CHARTERED \ (P
O I ACCOUNTANTS)  m
*GLAND  PHARMA LIMITED
Corporate  Identity  Number:  L24239TG1978PLC002276
Registered Office:  Sy. No. 143 - 148,  150 and 151, Near  Gandi  Maisamma  ‘X’ Roads,  D.P. Pally, Dundigal
GLAND]  ' Dundigal - Gandi  Maisamma (M),  Medchal-Malkajgiri  District, Hyderabad 500 043, Telangana,  India
Tel: +91 84556  99999;  Website:  www.glandpharma.com;  E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Statement  of Unaudited  Standalone Financial Results for the quarter and half year ended September  30, 2024
(? in million)
ParticularsQuarter  ended Half  year  ended Year  ended
30-Sep-24 30-Jun-24 30-Sep-23 30-Sep-24 30-Sep-23 31-Mar-24
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1.Income
Revenue  from  operations 10,629.90 10,120.24 10,106.67 20,750.14 18,947.37 41,674.28
Other income 578.03 484.90 411.14 1,062.93 763.21 1,666.66
Total income 11,207.93 10,605.14 10,517.81 21,813.07 19,710.58 43,340.94
2.Expenses
Cost  of materials consumed 3,998.68 3,676.87 4,566.25 7,675.55 8,484.26 17,097.40
Purchase of stock-in-trade 26.67 65.75 61.34 92.42 99.26 231.38
Changes in inventories  of finished goods,  stock-in-trade  and
work-in-progress677.41 1,042.58 (227.42) 1,719.99 (432.32) 874.32
Power  and fuel 300.78 294.16 305.08 594.94 596.71 1,171.95
Employee benefits expense 1,062.88 1,076.77 998.84 2,139.65 2,027.93 4,099.45
Depreciation and amortisation  expense 416.15 408.17 402.36 824.32 792.18 1,621.07
Finance  costs 1.72 9.11 9.14 10.83 25.10 78.43
Other  expenses 925.48 1,028.58 931.59 1,954.06 2,106.92 4,111.97
Total expenses 7,409.77 7,601.99 7,047.18 15,011.76 13,700.04 29,285.97
3.Profit before tax (1-2) 3,798.16 3,003.15 3,470.63 6,801.31 6,010.54 14,054.97
4.Tax expense
Current  tax 962.99 762.12 865.83 1,725.11 1,454.63 3,410.20
Deferred tax 17.74 11.82 29.53 29.56 104.82 246.84
Taxes of earlier  years 0.33 - - 0.33 - (35.32)
Total tax expense 981.06 773.94 895.36 1,755.00 1,559.45 3,621.72
5.Profit  for the period/year (3-4) 2,817.10 2,229.21 2,575.27 5,046.31 4,451.09 10,433.25
6.Other  comprehensive income
Items  that will not be reclassified  subsequently to profit  or loss:
Remeasurement of defined benefit plans (21.07) 6.21 (8.29) (14.86) (0.77) 24.86
Deferred tax impact on remeasurement of defined benefit plans 5.30 (1.56) 2.08 3.74 0.19 (6.26)
Total other  comprehensive (income)Zloss, net of tax (15.77) 4.65 (6.21) (11.12) (0.58) 18.60
7.Total comprehensive income (5-6) 2,832.87 2,224.56 2,581.48 5,057.43 4,451.67 10,414.65
8.Paid up equity  share capital (Face  value of ?1/- each) 164.75 164.75 164.70 164.75 164.70 164.71
9.Other  equity 89,788.18
10. Earnings per equity  share (Face value of ?1/- each):
(Not annualised for the quarter and half year  ended)
Basic  (?) 17.10 13.53 15.64 30.63 27.03 63.35
Diluted (?) 17.10 13.53 15.63 30.63 27.02 63.33
I u/
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+7GLAND!I CHARTERED \ (P
O I ACCOUNTANTS)  m
*Notes:
1. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this Statement of Unaudited
Standalone Financial Results for the quarter and half year ended September 30, 2024 ("Unaudited Standalone Financial Results") of the
Company has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 4,
2024. The statutory auditors have carried out a limited review on the Unaudited Standalone Financial Results and issued an unmodified
report thereon.
2. The Unaudited Standalone Financial Results of the Company have been prepared in accordance with the Indian Accounting Standards
notified under  Section 133 of the Companies Act 2013, as amended and read with relevant rules thereunder and in terms of Regulation  33
of the SEBI  (Listing  Obligations and Disclosure Requirements) Regulations,  2015, as amended  (the "Listing requirements").
3. The Company is engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per
Ind AS 108- 'Operating  Segments'.
4. The Unaudited  Standalone Balance Sheet  and Unaudited Standalone Statement  of Cash Flows  are set out in Annexure I and Annexure II
respectively.
5. The previous  periods/year numbers have been regrouped/rearranged wherever necessary  to conform  with the current period presentation.
6. The above Unaudited Standalone Financial Results of the Company are available on the Company’s website www.glandpharma.com and
also on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com), where the
equity  shares  of the Company are listed.
GLANWFor and on behalf  of the Board
Gland Pharma Limited
Srinivas  Sadu
Executive Chairman and CEO
DIN No. 06900659Hyderabad
November 4, 2024— 
/ CHARTERED \
O I ACCOUNTANTS/ mNotes:
1. In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,  2015, this Statement of Unaudited
Standalone Financial Results for the quarter and half year ended September 30, 2024 ("Unaudited Standalone Financial Results") of the
Company has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 4,
2024. The statutory auditors have carried out a limited review on the Unaudited Standalone Financial Results and issued an unmodified
report  thereon.
2. The Unaudited Standalone Financial Results of the Company have been prepared in accordance with the Indian Accounting Standards
notified under  Section 133 of the Companies Act 2013, as amended and read with relevant rules  thereunder and in terms of Regulation  33
of the SEBI  (Listing Obligations and Disclosure Requirements)  Regulations,  2015, as amended  (the "Listing requirements").
3. The Company is engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per
Ind AS 108- 'Operating Segments'.
4. The Unaudited  Standalone Balance Sheet  and Unaudited Standalone  Statement  of Cash Flows  are set out in Annexure I and Annexure II
respectively.
5. The previous  periods/year numbers have been regrouped/rearranged wherever necessary  to conform  with the current period presentation.
6. The above Unaudited Standalone Financial Results of the Company are available on the Company’s website www.glandpharma.com and
also on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India  Limited (www.nseindia.com), where the
equity shares  of the Company are listed.
GLANDFor and on behalf  of the Board
Gland Pharma Limited
Srinivas  Sadu
Executive Chairman and CEO
DIN No. 06900659Hyderabad
November 4, 2024
VM— 
/ CHARTERED \ CO
O I ACCOUNTANTS/ mNotes:
1. In terms of Regulation 33 of the SEBI  (Listing Obligations and Disclosure Requirements) Regulations, 2015, this Statement of Unaudited
Standalone Financial Results for the quarter and half year ended September 30, 2024 ("Unaudited Standalone Financial Results") of the
Company has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 4,
2024. The statutory auditors have carried out a limited review on the Unaudited Standalone Financial Results and issued an unmodified
report  thereon.
2. The Unaudited Standalone Financial Results of the Company have been prepared in accordance with the Indian Accounting Standards
notified under  Section 133 of the Companies Act 2013, as amended and read with relevant rules  thereunder and in terms of Regulation  33
of the SEBI  (Listing  Obligations and Disclosure Requirements) Regulations,  2015,  as amended  (the "Listing requirements").
3. The Company  is engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per
Ind AS 108- 'Operating Segments'.
4. The Unaudited  Standalone Balance Sheet and Unaudited Standalone Statement  of Cash Flows  are set out in Annexure I and Annexure II
respectively.
5. The previous  periods/year numbers have been regrouped/rearranged wherever necessary to conform  with the current period presentation.
6. The above Unaudited Standalone Financial Results of the Company are available on the Company’s website www.glandpharma.com and
also on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com), where the
equity shares of the Company are listed.
4?
I
°\(A \I u
j ★ jGLANDGLANDFor and on behalf  of the Board
Gland Pharma Limited
Srinivas  Sadu
Executive  Chairman and CEO
DIN No. 06900659Hyderabad
November 4, 2024\<F
V )— 
| CHARTERED \ (/)
O I ACCOUNTANTS/ mNotes:
1. In terms of Regulation 33 of the SEBI  (Listing Obligations and Disclosure Requirements) Regulations, 2015, this Statement of Unaudited
Standalone Financial Results for the quarter and half year ended September 30, 2024 ("Unaudited Standalone Financial Results") of the
Company has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 4,
2024. The statutory auditors have carried out a limited review on the Unaudited Standalone Financial Results and issued an unmodified
report  thereon.
2. The Unaudited Standalone Financial Results of the Company have been prepared in accordance with the Indian Accounting Standards
notified under  Section 133 of the Companies Act 2013, as amended and read with relevant rules  thereunder and in terms of Regulation  33
of the SEBI  (Listing  Obligations and Disclosure Requirements) Regulations,  2015,  as amended  (the "Listing requirements").
3. The Company  is engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per
Ind AS 108- 'Operating Segments'.
4. The Unaudited  Standalone Balance Sheet and Unaudited Standalone Statement  of Cash Flows  are set out in Annexure I and Annexure II
respectively.
5. The previous  periods/year numbers have been regrouped/rearranged wherever necessary to conform  with the current period presentation.
6. The above Unaudited Standalone Financial Results of the Company are available on the Company’s website www.glandpharma.com and
also on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com), where the
equity shares of the Company are listed.
4?
I
°\(A \I u
j ★ jGLANDGLANDFor and on behalf  of the Board
Gland Pharma Limited
Srinivas  Sadu
Executive  Chairman and CEO
DIN No. 06900659Hyderabad
November 4, 2024\<F
V )— 
| CHARTERED \ (/)
O I ACCOUNTANTS/ mAnnexure  I
Unaudited  Standalone  Balance Sheet as at September  30, 2024
(R in million)
As at As at
Particulars 30-Sep-24 31-Mar-24
Unaudited Audited
ASSETS
Non-current assets
Property, plant and equipment 16,637.97 16,824.68
Right-of-use assets 1.16 2.06
Capital  work-in-progress 1,292.63 1,200.05
Other intangible assets 87.56 110.54
Financial assets
Investments 27,895.67 23,857.35
Other financial assets - 6,559.13
Tax assets, net 274.82 274.94
Other non-current assets 738.17 868.89
46,927.98 49,697.64
Current  assets
Inventories 11,674.25 12,602.07
Financial assets
Trade receivables 11,610.21 11,714.02
Cash and cash equivalents 24,525.29 1,162.05
Bank balances  other than cash and cash equivalents - 14,823.44
Other financial assets 1,100.39 2,752.60
Other current assets 3,294.56 2,659.07
52,204.70 45,713.25
Total Assets 99,132.68 95,410.89
EQUITY AND LIABILITIES
Equity
Equity share capital 164.75 164.71
Other equity 91,572.87 89,788.18
91,737.62 89,952.89
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 11.09 25.51
Lease liabilities - 1.04
Provisions 224.63 206.88
Deferred  tax liabilities, net 1,115.92 1,082.61
1,351.64 1,316.04
Current  liabilities
Financial  liabilities
Borrowings 14.42 7.10
Lease liabilities 2.65 2.99
Trade payables
Total outstanding  dues of micro and small enterprises 129.61 103.02
Total outstanding  dues of creditors other than micro and small enterprises 4,166.19 2,847.77
Other financial  liabilities 63.16 92.60
Provisions 61.46 56.64
Current tax liabilities, net 809.26 264.06
Other current  liabilities 796.67 767.78
6,043.42 4,141.96
Total Equity and Liabilities 99,132.68 95,410.89
V\— 
I CHARTERED 1 CO
O (ACCOUNTANTS/  mAnnexure  I
Unaudited  Standalone  Balance Sheet as at September  30, 2024
(R in million)
As at As at
Particulars 30-Sep-24 31-Mar-24
Unaudited Audited
ASSETS
Non-current assets
Property, plant and equipment 16,637.97 16,824.68
Right-of-use assets 1.16 2.06
Capital  work-in-progress 1,292.63 1,200.05
Other intangible assets 87.56 110.54
Financial assets
Investments 27,895.67 23,857.35
Other financial assets - 6,559.13
Tax assets, net 274.82 274.94
Other non-current assets 738.17 868.89
46,927.98 49,697.64
Current  assets
Inventories 11,674.25 12,602.07
Financial assets
Trade receivables 11,610.21 11,714.02
Cash and cash equivalents 24,525.29 1,162.05
Bank balances  other than cash and cash equivalents - 14,823.44
Other financial assets 1,100.39 2,752.60
Other current assets 3,294.56 2,659.07
52,204.70 45,713.25
Total Assets 99,132.68 95,410.89
EQUITY AND LIABILITIES
Equity
Equity share capital 164.75 164.71
Other equity 91,572.87 89,788.18
91,737.62 89,952.89
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 11.09 25.51
Lease liabilities - 1.04
Provisions 224.63 206.88
Deferred  tax liabilities, net 1,115.92 1,082.61
1,351.64 1,316.04
Current  liabilities
Financial  liabilities
Borrowings 14.42 7.10
Lease liabilities 2.65 2.99
Trade payables
Total outstanding  dues of micro and small enterprises 129.61 103.02
Total outstanding  dues of creditors other than micro and small enterprises 4,166.19 2,847.77
Other financial  liabilities 63.16 92.60
Provisions 61.46 56.64
Current tax liabilities, net 809.26 264.06
Other current  liabilities 796.67 767.78
6,043.42 4,141.96
Total Equity and Liabilities 99,132.68 95,410.89
V\— 
I CHARTERED 1 CO
O (ACCOUNTANTS/  mAnnexure  I
Unaudited  Standalone  Balance Sheet  as at September  30, 2024
(R in million)
As at As at
Particulars 30-Sep-24 31-Mar-24
Unaudited Audited
ASSETS
Non-current assets
Property, plant and equipment 16,637.97 16,824.68
Right-of-use assets 1.16 2.06
Capital  work-in-progress 1,292.63 1,200.05
Other  intangible assets 87.56 110.54
Financial assets
Investments 27,895.67 23,857.35
Other financial assets - 6,559.13
Tax assets, net 274.82 274.94
Other  non-current assets 738.17 868.89
46,927.98 49,697.64
Current  assets
Inventories 11,674.25 12,602.07
Financial assets
Trade  receivables 11,610.21 11,714.02
Cash and cash equivalents 24,525.29 1,162.05
Bank  balances  other  than cash and cash equivalents - 14,823.44
Other financial assets 1,100.39 2,752.60
Other  current assets 3,294.56 2,659.07
52,204.70 45,713.25
Total Assets 99,132.68 95,410.89
EQUITY  AND  LIABILITIES
Equity
Equity share  capital 164.75 164.71
Other  equity 91,572.87 89,788.18
91,737.62 89,952.89
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 11.09 25.51
Lease  liabilities - 1.04
Provisions 224.63 206.88
Deferred  tax liabilities, net 1,115.92 1,082.61
1,351.64 1,316.04
Current  liabilities
Financial  liabilities
Borrowings 14.42 7.10
Lease  liabilities 2.65 2.99
Trade payables
Total outstanding  dues of micro and small enterprises 129.61 103.02
Total outstanding  dues of creditors other than micro and small  enterprises 4,166.19 2,847.77
Other  financial  liabilities 63.16 92.60
Provisions 61.46 56.64
Current tax liabilities, net 809.26 264.06
Other current  liabilities 796.67 767.78
6,043.42 4,141.96
Total  Equity  and Liabilities 99,132.68 95,410.89
V\— 
I CHARTERED 1 CO
O (ACCOUNTANTS/  m
Irn
I o/
★J
wGLAND!Annexure  I
Unaudited  Standalone  Balance Sheet  as at September  30, 2024
(R in million)
As at As at
Particulars 30-Sep-24 31-Mar-24
Unaudited Audited
ASSETS
Non-current assets
Property, plant and equipment 16,637.97 16,824.68
Right-of-use assets 1.16 2.06
Capital  work-in-progress 1,292.63 1,200.05
Other  intangible assets 87.56 110.54
Financial assets
Investments 27,895.67 23,857.35
Other financial assets - 6,559.13
Tax assets, net 274.82 274.94
Other  non-current assets 738.17 868.89
46,927.98 49,697.64
Current  assets
Inventories 11,674.25 12,602.07
Financial assets
Trade  receivables 11,610.21 11,714.02
Cash and cash equivalents 24,525.29 1,162.05
Bank  balances  other  than cash and cash equivalents - 14,823.44
Other financial assets 1,100.39 2,752.60
Other  current assets 3,294.56 2,659.07
52,204.70 45,713.25
Total Assets 99,132.68 95,410.89
EQUITY  AND  LIABILITIES
Equity
Equity share  capital 164.75 164.71
Other  equity 91,572.87 89,788.18
91,737.62 89,952.89
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 11.09 25.51
Lease  liabilities - 1.04
Provisions 224.63 206.88
Deferred  tax liabilities, net 1,115.92 1,082.61
1,351.64 1,316.04
Current  liabilities
Financial  liabilities
Borrowings 14.42 7.10
Lease  liabilities 2.65 2.99
Trade payables
Total outstanding  dues of micro and small enterprises 129.61 103.02
Total outstanding  dues of creditors other than micro and small  enterprises 4,166.19 2,847.77
Other  financial  liabilities 63.16 92.60
Provisions 61.46 56.64
Current tax liabilities, net 809.26 264.06
Other current  liabilities 796.67 767.78
6,043.42 4,141.96
Total  Equity  and Liabilities 99,132.68 95,410.89
V\— 
I CHARTERED 1 CO
O (ACCOUNTANTS/  m
Irn
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★J
wGLAND!Annexure II
Unaudited  Standalone Statement of Cash Flows for the half year ended September 30, 2024
__________________________ (? in million)
_________ Half year ended ______________
30-Sep-24
Unaudited30-Sep-23
UnauditedParticulars
Cash flows from operating activities
Profit before tax
Adjustments  for:
Depreciation and amortisation expense
Allowance for credit losses
Bad debts written off
F inance costs
Unrealised foreign exchange gain, net
Gain on sale of investments
Loss on disposal  of property, plant and equipment, net
Interest income
Changes in operating assets  and liabilities:
Trade receivables
Inventories
Loans and other assets
Trade payables and other financial  liabilities
Provisions and other liabilities
Cash generated from operations
Income taxes paid, net
Net cash generated from operating activities  (A)
Cash flows from investing  activities
Purchase  of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Purchase  of investments
Proceeds from sale of investments
Deposits with banks and others, net
Interest received
Investment made in subsidiary
Net cash generated from/ (used in) investing activities  (B)
Cash flows from financing  activities
Proceeds from the exercise  of employee  stock option
Repayment  of borrowings
Payment  towards principal portion of lease liabilities
Finance  costs paid (including  interest on lease liabilities)
Dividend paid
Net cash used in financing  activities  (C)
Net increase/ (decrease) in cash and cash equivalents  (A+B+C)
Effect of exchange  differences on cash and cash equivalents held in foreign currency
Cash and cash equivalents at the beginning  of the period
Cash and cash equivalents  at the end of the period6,801.31
824.32
8.81
10.83
(76.40)
(7.22)
0.14
(1,005.34)
106.53
927.82
(521.49)
1,333.89
66.326,010.54
792.18
105.83
5.71
21.94
(88.24)
(0.12)
(0.16)
(672.65)
(1,950.41)
2,308.86
300.37
(1,910.80)
236.07
8,469.52
(1,180.12)5,159.12
(1,065.19)
7,289.40 4,093.93
(456.27)
0.04
(3,239.84)
3,247.06
23,368.44
408.54
(4,038.32)(1,045.61)
0.91
(159.99)
160.11
798.66
579.80
(18,831.31)
19,289.65 (18,497.43)
22.33
(7.10)
(1.38)
(10.83)
(3,295.03)0.60
(5.60)
(0.98)
(21.94)
(3,292.01) (27.92)
23,287.04
76.20
1,162.05(14,431.42)
55.23
19,052.18
24,525.29 4,675.99Annexure  II
Unaudited Standalone  Statement of Cash Flows for the half year ended September  30, 2024
(? in million)
Half  year ended
30-Sep-24 30-Sep-23
Unaudited Unaudited
6,801.31 6,010.54
824.32 792.18
8.81 105.83
- 5.71
10.83 21.94
(76.40) (88.24)
(7.22) (0.12)
0.14 (0.16)
(1,005.34) (672.65)
106.53 (1,950.41)
927.82 2,308.86
(521.49) 300.37
1,333.89 (1,910.80)
66.32 236.07
8,469.52 5,159.12
(1,180.12) (1,065.19)
7,289.40 4,093.93
(456.27) (1,045.61)
0.04 0.91
(3,239.84) (159.99)
3,247.06 160.11
23,368.44 798.66
408.54 579.80
(4,038.32) (18,831.31)
19,289.65 (18,497.43)
22.33 0.60
(7.10) (5.60)
(1.38) (0.98)
(10.83) (21.94)
(3,295.03) -
(3,292.01) (27.92)
23,287.04 (14,431.42)
76.20 55.23
1,162.05 19,052.18
24,525.29 4,675.99Particulars
Cash flows from operating activities
Profit before tax
Adjustments  for:
Depreciation and amortisation expense
Allowance for credit losses
Bad debts written off
Finance  costs
Unrealised foreign exchange gain, net
Gain on sale of investments
Loss on disposal of property, plant and equipment, net
Interest income
Changes in operating assets and liabilities:
Trade receivables
Inventories
Loans and other assets
Trade payables and other financial liabilities
Provisions and other liabilities
Cash generated from operations
Income taxes paid, net
Net cash generated from operating activities  (A)
Cash flows from investing activities
Purchase  of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Purchase  of investments
Proceeds from sale of investments
Deposits with banks and others, net
Interest received
Investment made in subsidiary
Net cash generated from/ (used in) investing activities  (B)
Cash flows from financing  activities
Proceeds from the exercise  of employee  stock option
Repayment  of borrowings
Payment towards principal portion of lease liabilities
Finance  costs paid (including  interest on lease liabilities)
Dividend paid
Net cash used in financing  activities  (C)
Net increase/ (decrease) in cash and cash equivalents  (A+B+C)
Effect of exchange differences on cash and cash equivalents held in foreign currency
Cash and cash equivalents  at the beginning  of the period
Cash and cash equivalents  at the end of the period __________________________
-/ CHARTERED W
O I ACCOUNTANTS) mAnnexure II
Unaudited Standalone Statement of Cash Flows  for the half year  ended September  30, 2024
in million)
Half  year  ended
30-Sep-24 30-Sep-23
Unaudited Unaudited
6,801.31 6,010.54
824.32 792.18
8.81 105.83
- 5.71
10.83 21.94
(76.40) (88.24)
(7.22) (0.12)
0.14 (0.16)
(1,005.34) (672.65)
106.53 (1,950.41)
927.82 2,308.86
(521.49) 300.37
1,333.89 (1,910.80)
66.32 236.07
8,469.52 5,159.12
(1,180.12) (1,065.19)
7,289.40 4,093.93
(456.27) (1,045.61)
0.04 0.91
(3,239.84) (159.99)
3,247.06 160.11
23,368.44 798.66
408.54 579.80
(4,038.32) (18,831.31)
19,289.65 (18,497.43)
22.33 0.60
(7.10) (5.60)
(1.38) (0.98)
(10.83) (21.94)
(3,295.03) -
(3,292.01) (27.92)
23,287.04 (14,431.42)
76.20 55.23
1,162.05 19,052.18
24,525.29 4,675.99Particulars
Cash flows  from operating  activities
Profit before  tax
Adjustments  for:
Depreciation and amortisation expense
Allowance for credit  losses
Bad debts written off
Finance  costs
Unrealised foreign exchange gain, net
Gain on sale of investments
Loss on disposal  of property, plant and equipment, net
Interest income
Changes in operating assets  and liabilities:
Trade  receivables
Inventories
Loans and other assets
Trade payables and other financial liabilities
Provisions and other  liabilities
Cash generated from operations
Income  taxes paid, net
Net cash generated from operating  activities  (A)
Cash  flows  from investing activities
Purchase  of property, plant  and equipment
Proceeds from disposal of property, plant and equipment
Purchase  of investments
Proceeds from sale of investments
Deposits with banks and others, net
Interest received
Investment made in subsidiary
Net cash generated from/  (used in) investing activities  (B)
Cash flows  from financing  activities
Proceeds from the exercise  of employee  stock  option
Repayment of borrowings
Payment  towards principal portion of lease  liabilities
Finance  costs paid (including  interest on lease  liabilities)
Dividend paid
Net cash used in financing  activities  (C)
Net increase/ (decrease) in cash and cash equivalents  (A+B+C)
Effect of exchange  differences on cash and cash equivalents held in foreign currency
Cash and cash equivalents at the beginning  of the period
Cash and cash  equivalents  at the end of the period __________________________
CHARTERED
O I ACCOUNTANTS!  m
GLANDAnnexure II
Unaudited Standalone Statement of Cash Flows  for the half year  ended September  30, 2024
in million)
Half  year  ended
30-Sep-24 30-Sep-23
Unaudited Unaudited
6,801.31 6,010.54
824.32 792.18
8.81 105.83
- 5.71
10.83 21.94
(76.40) (88.24)
(7.22) (0.12)
0.14 (0.16)
(1,005.34) (672.65)
106.53 (1,950.41)
927.82 2,308.86
(521.49) 300.37
1,333.89 (1,910.80)
66.32 236.07
8,469.52 5,159.12
(1,180.12) (1,065.19)
7,289.40 4,093.93
(456.27) (1,045.61)
0.04 0.91
(3,239.84) (159.99)
3,247.06 160.11
23,368.44 798.66
408.54 579.80
(4,038.32) (18,831.31)
19,289.65 (18,497.43)
22.33 0.60
(7.10) (5.60)
(1.38) (0.98)
(10.83) (21.94)
(3,295.03) -
(3,292.01) (27.92)
23,287.04 (14,431.42)
76.20 55.23
1,162.05 19,052.18
24,525.29 4,675.99Particulars
Cash flows  from operating  activities
Profit before  tax
Adjustments  for:
Depreciation and amortisation expense
Allowance for credit  losses
Bad debts written off
Finance  costs
Unrealised foreign exchange gain, net
Gain on sale of investments
Loss on disposal  of property, plant and equipment, net
Interest income
Changes in operating assets  and liabilities:
Trade  receivables
Inventories
Loans and other assets
Trade payables and other financial liabilities
Provisions and other  liabilities
Cash generated from operations
Income  taxes paid, net
Net cash generated from operating  activities  (A)
Cash  flows  from investing activities
Purchase  of property, plant  and equipment
Proceeds from disposal of property, plant and equipment
Purchase  of investments
Proceeds from sale of investments
Deposits with banks and others, net
Interest received
Investment made in subsidiary
Net cash generated from/  (used in) investing activities  (B)
Cash flows  from financing  activities
Proceeds from the exercise  of employee  stock  option
Repayment of borrowings
Payment  towards principal portion of lease  liabilities
Finance  costs paid (including  interest on lease  liabilities)
Dividend paid
Net cash used in financing  activities  (C)
Net increase/ (decrease) in cash and cash equivalents  (A+B+C)
Effect of exchange  differences on cash and cash equivalents held in foreign currency
Cash and cash equivalents at the beginning  of the period
Cash and cash  equivalents  at the end of the period __________________________
CHARTERED
O I ACCOUNTANTS!  m
GLANDPress Release  
Gland Pharma  reports Q 2FY25 financial performance : Revenue ₹ 14,058, 
EBITDA ₹ 2,961 Million , and PAT ₹ 1,635 Million  
Hyderabad, November  4th, 202 4: Gland Pharma Limited (BSE: 543245 I NSE: GLAND), a generic injectable -focused  
pharmaceutical company, today announced its financial results for the Second  quarter (Q2FY25) ended on 
September  30th, 202 4. 
Financial Highlights  
Q2 FY25 (July 2024 to September  2024)  
 
• Consolidated revenue increased 2% year -over -year to INR 14,058 million.  
• Consolidated EBITDA decreased 8% year -over -year to INR 2,961 million.  
• Consolidated EBITDA margin was 21%, compared to 23% in Q2 FY24.  
• Base business (excluding Cenexi) revenue grew 5% year -over -year to INR 10,659 million.  
• Base business (excluding Cenexi) EBITDA increased 5% year -over -year to INR 3,645 million.  
• Base business (excluding Cenexi) EBITDA margin was 34%, similar to Q2 FY24.  
 
Commenting on the results, Mr. Srinivas Sadu, Executive Chairman and CEO  of Gland Pharma , said,  “We had a 
good first half of 2025 and are on course to achieve our outcomes for the full year. This quarter, we reported INR 14,058 mil lion 
in revenue and INR 2,961  million in EBITDA, representing a 21% EBITDA margin. Although our overall EBITDA margin was 
affected by Cenexi, our base business maintained a steady 34% EBITDA margin. Our core regulated markets, particularly the 
United States, continue to perform well.  Our overall performance is in line with expectations. Looking ahead, we remain focused 
on our strategic priorities, which include entering new markets and building a solid foundation for future growth. ” 
Consolidated Financial Performance  
Particulars  Q2 FY25  Q2 FY24  YoY  Q1 FY25  QoQ  6M FY25  6M FY24  YoY  
Revenue from operations  14,058  13,734  2% 14,017  0% 28,075  25,821  9% 
Gross Profit  8,304  8,519  -3% 8,375  -1% 16,678  16,07 7 4% 
Gross Profit Margin  59%  62%    60%    59%  62%    
EBITDA (1) 2,961  3,205  -8% 2,654  12%  5,615  6,187  -9% 
EBITDA Margin (%)  21%  23%    19%    20%  24%    
PBT 2,568  2,899  -11%  2,182  18%  4,750  5,512  -14%  
PBT Margin (%)  18%  21%    16%    17%  21%    
PAT 1,635  1,941  -16%  1,438  14%  3,073  3,882  -21%  
PAT Margin (%)  12%  14%    10%    11%  15%    
 
 
 
 
 
 INR Mn  GLANDGLANDPress Release  
Base Business (Ex -Cenexi) Financial Performance  
Particulars  Q2 FY25  Q2 FY24  YoY  Q1 FY25  QoQ  6M FY25  6M FY24  YoY  
Revenue from operations  10,659  10,146  5% 10,134  5% 20,793  19,019  9% 
Gross Profit  5,957  5,746  4% 5,348  11%  11,305  10,868  4% 
Gross Profit Margin  56%  57%    53%    54%  57%    
EBITDA (1) 3,645  3,473  5% 2,941  24%  6,586  6,109  8% 
EBITDA Margin (%)  34%  34%    29%    32%  32%    
PBT 3,832  3,510  9% 3,006  27%  6,838  6,048  13%  
PBT Margin (%)  36%  35%    30%    33%  32%    
PAT 2,843  2,615  9% 2,248  26%  5,091  4,488  13%  
PAT Margin (%)  27%  26%    22%    24%  24%    
 
 
Cenexi Financial Performance  
Particulars  Q2 FY25  Q2 FY24  YoY  Q1 FY25  QoQ  6M FY25  6M FY24  YoY  
Revenue from operations  3,399  3,588  -5% 3,883  -12%  7,282  6,802  7% 
Gross Profit  2,347  2,773  -15%  3,026  -22%  5,373  5,208  3% 
Gross Profit Margin  69%  77%    78%    74%  77%    
EBITDA (1) -685 -268  -286  -971 78  
EBITDA Margin (%)  -20%  -7%   -7%   -13%  1%   
 
 
 
1) EBITDA = Profit before tax plus exceptional items plus finance expense plus depreciation and amortization expense excluding  other income and foreign 
exchange loss or gain.  
 
Business Highlights (Gland)  
Key Highlights:  
• R&D expenses:  INR 4 93 million ( 4.6% of revenue).  
• Regulatory filings:  7 ANDAs filed, 8 ANDAs approved in Q 2FY25. 
• Total filings:  363 ANDAs in the U.S. ( 304 approved, 59 pending). Global product registrations: 1, 726. 
• Capex:  Total Capex incurred during the quarter ended September  30th, 2024, was INR 1,037 million . 
• US Market:  Four  molecules, including Cetrorelix Acetate, Ephedrine Sulfate, Tranexamic Acid , and 
Diazepam, were launched in the US  market . 
• China Market:  Four of the nine products in the plan for China markets are currently under development, 
and five have received approvals.  
• Complex Injectables: Nine  filings completed in a targeted portfolio of 19 products. Six of these complex 
products have already been approved (6 launched), with three more expected to secure approval in due 
course. These products target an IQVIA market opportunity of $7.3 billion, reflecting the significant 
potential of this segment to drive future growth.  
• Biologics:  During the quarter, Gland entered into a binding term sheet with Dr. Reddy's Laboratories (DRL) 
to establish strategic cooperation for the biologics CDMO business. This partnership will leverage our 
state -of-the-art biologics manufacturing facility at Geno me Valley in Hyderabad. We are very optimistic 
about this partnership's potential to create value for both organizations, and we expect to sign a definitive 
agreement shortly . 
 
 INR Mn  
INR Mn  GLANDGLANDPress Release  
Market Wise Performance  (Consolidated)  
 
Particulars(2)  Q2 FY25   Q2 FY24  YoY  Q1 FY25  QoQ  6M FY25  6M FY24  Y-o-Y 
USA     7,547       7,354  3%      7,628  -1%   15,175    13,375  13%  
Europe      2,459       2,488  -1%      2,566  -4%      5,025       4,712  7% 
Canada, Australia and  
New Zealand (Other Core Markets)          515          356  45%         447  15%          962          616  56%  
India          874          876  0%         527  66%       1,401       1,523  -8% 
Rest of the world      2,663       2,660  0%      2,849  -7%      5,512       5,596  -1% 
TOTAL  14,058  13,734  2%   14,017  0% 28,07 5 25,821  9% 
 
Market Wise Performance ( Ex-Cenexi ) 
 
Particulars(2) Q2 FY25  Q2 FY24  YoY Q1 FY25  QoQ  6M FY25  6M FY24  Y-o-Y 
USA       7,393       7,082  4%      7,524  -2%   14,917    12,988  15%  
Europe          329          252  31%          407  -19%          736          756  -3% 
Canada, Australia and  
New Zealand (Other Core Markets)          405          198  105%          194  109%          600          391  53%  
India          874          876  0%         527  66%       1,401       1,523  -8% 
Rest of the world       1,658       1,738  -5%      1,481  12%       3,139       3,361  -7% 
TOTAL  10,659  10,146  5%   10,134  5% 20,793  19,019  9% 
 
 
 
2) Sales made to Indian customers for the US market have been considered in the US sales .  
 
 
Business Highlights (Cenexi)  
Key Highlights:  
 
Fontenay Site (Paris, France):  
• Our new high -capacity ampoule line is on track for commercial production in January 2025. This project 
has stayed within budget and schedule and will significantly boost our manufacturing capacity, customer 
service, and revenue.  
Hérouville Site (Normandy, France):  
• Good progress is being made on validation batches for our new inactivated vaccine and ophthalmic gel 
projects, paving the way for commercial production before the end of the year.  
• While the site is currently operating at lower volumes, we are encouraged by the growing interest from 
new partners for the capacity.  
Braine -l’Alleud Site ( Belgium ): 
• Temporary setback caused by a lyophilizer breakdown at the site. We are currently operating at full 
capacity with our remaining lyophilizers.   The issue will be fully resolved during the quarter, and a new 
backup unit will be installed in the first half o f 2025 to prevent future disruptions and increase in 
capacity.  
Outlook:  
• Despite these near -term headwinds, we continue to strive to achieve our short -term outlook: a positive 
EBITDA for Q4 of FY25.  
• We maintain our goal of a positive EBITDA for the next fiscal year, driven by an increase in revenue above 
the €200 million threshold.  INR Mn  
INR Mn  GLANDGLANDPress Release  
 
 
 
Earnings Call Details  
The Company will conduct a n Earnings  call at 6.30 PM (IST) on  November  4th, 2024, to discuss the business 
performance and answer participants' questions. To participate in this conference call, please dial the numbers 
provided below ten minutes before  the scheduled start time.  
 
Universal Access  <PRESIDIO_ANONYMIZED_PHONE_NUMBER> / <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
Diamond pass link  Click  here  to register  
National Toll-Free  1 800 120 1221  
International Toll-Free Number  USA – 18667462133  
UK – 08081011573  
Singapore – 8001012045  
Hong Kong – 800964448  
 
 
About Gland Pharma Limited (BSE: 543245, NSE: GLAND)  
Gland Pharma was established in 1978 in Hyderabad and has grown over the years from a contract manufacturer 
of small -volume liquid parenteral products  to become one of the largest and fastest growing injectable -focused 
companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, 
India, and other markets. It operates primarily under a business -to-business (B2B) model and has  an excellent track 
record in the development, manufacturing, and marketing of sterile injectables. It has a wide range of injectables, 
including vials, ampoules, pre -filled syring es, lyophilized vials, dry powders, infusions, oncology, and ophthalmic 
solutions , and also enjoys the distinction of having pioneered Heparin technology in India. For more information, 
log on to: www.glandpharma.com  
 
 
Investor Contacts  
 
Sampath Kumar Pallerlamudi     Ankit Gupta  
Company Secretary and Compliance Officer   Vice President  – Strategy & Investments  
<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>   
 
 
This press release may include statements of future expectations and other forward -looking statements based on management's current expectations and 
beliefs. Actual results may vary materially from those expressed or implied by the statements herein due to  changes in economic, business, competitive, 
technological , and/or regulatory factors. Gland Pharma Limited, its directors and any of the affiliates or employee is under no obligation t o, and expressly 
assume any obligation to update any particular forward -looking statement contained in this release.  GLANDGLAND4th November  2024Financial Results
Q2’FY25Gland Pharma Limited
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<GLAND  PHARMA LIMITED2Safe Harbor Statement
The Presentation  is to provide  the general  background  information  about  the Company’s  activities  as at the date of 
the Presentation . The information  contained  herein  is for general  information  purposes  only and based  on estimates  
and should  not be considered  as a recommendation  that any investor  should  subscribe  / purchase  the company  
shares . 
This presentation  may include  certain  “forward  looking  statements” . These  statements  are based  on current  
expectations,  forecasts  and assumptions  that are subject  to risks and uncertainties  which  could  cause  actual  
outcomes  and results  to differ  materially  from these  statements . Important  factors  that could  cause  actual  results  to 
differ  materially  from our expectations  include,  amongst  others  general  economic  and business  conditions  in India  
and any other  country,  ability  to successfully  implement  our strategy,  our research  and development  efforts,  our 
growth  and expansion  plans  and technological  changes,  changes  in the value  of the Rupee  and other  currencies,  
changes  in the Indian  and international  interest  rates,  change  in laws and regulations  that apply  to the Indian  and 
global  pharmaceuticals  industries,  increasing  competition,  changes  in political  conditions  in India  or any other  country  
and changes  in the foreign  exchange  control  regulations  in India . Neither  the company,  nor its directors  and any of 
the affiliates  or employee  have  any obligation  to update  or otherwise  revise  any forward -looking  statements . The 
readers  may use their own judgment  and are advised  to make  their own calculations  before  deciding  on any matter  
based  on the information  given  herein . 
No part of this presentation  may be reproduced,  quoted  or circulated  without  prior written  approval  from Gland  
Pharma  Limited .
GLAND]GLAND]3Group Financial Highlights (1/4)
Note: (1) Gross Profit = Revenue from Operations – Materials consumed  (2) Gross Profit Margin = Gross profit /Revenue from oper ations (3) EBITDA = Profit before tax plus exceptional items plus finance expense 
plus depreciation and amortization expense excluding other income and foreign exchange loss or gain. (4) EBITDA margin = EBIT DA / Revenue from operations; (5) PAT margin = Profit for the period / Revenue from 
operations.Revenue from Operations
(INR Mn)Gross Profit (1) / Gross Profit Margin (2)
(INR Mn / %)
PAT / PAT Margin (5)
(INR Mn / %)EBITDA (3) / EBITDA Margin (4)
(INR Mn / %)13,734 14,017 14,05825,82128,075
Q2 FY24 Q1 FY25 Q2 FY25 6M FY24 6M FY258,519 8,375 8,30416,07716,678
Q2 FY24 Q1 FY25 Q2 FY25 6M FY24 6M FY2560%62%62%59%
59%
3,205
2,6542,9616,187
5,615
Q2 FY24 Q1 FY25 Q2 FY25 6M FY24 6M FY2519% 23%20%
21%24%
1,941
1,4381,6353,882
3,073
Q2 FY24 Q1 FY25 Q2 FY25 6M FY24 6M FY2514%
10% 12%15%
11%9%
2%4%
-16%-8%9%
2%4%
-16%-8%4Gland Financial Highlights (Ex -Cenexi) (2/4)
Note: (1) EBITDA = Profit before tax plus exceptional items plus finance expense plus depreciation and amortisation  expense excluding other income and foreign exchange loss or gain.(2) EBITDA margin = 
EBITDA / Revenue from operations ; (3) PAT margin = Profit for the period / Revenue from operations.Revenue from Operations
(INR Mn)EBITDA (1) / EBITDA Margin (2)
(INR Mn / %)
PBT / PAT / PAT Margin (3)
(INR Mn / %)R&D Expenses
(INR Mn )
Profit Before Tax        Profit After Tax10,146 10,134 10,65919,01920,793
Q2 FY24 Q1 FY25 Q2 FY25 6M FY24 6M FY253,473
2,9413,6456,1096,586
Q2 FY24 Q1 FY25 Q2 FY25 6M FY24 6M FY255%
29%34%32%
34%32%
29% 28%3,5103,0063,8326,0486,838
2,6152,2482,8434,4885,091
Q2 FY24 Q1 FY25 Q2 FY25 6M FY24 6M FY2526%22%27%24%24% 351489 493808982
Q2 FY24 Q1 FY25 Q2 FY25 6M FY24 6M FY259%
5%
40%9%9%
5%
40%9%5Net Worth (1)
(INR Mn)Cash and Bank Balances / Net Cash (2)
(INR Mn)
Note: (1) Net Worth refers to sum of equity share capital and other equity. (2) Net Cash refers to Cash, Investments in Debt Mutual Funds, Deposits with Financial Institutions and Bank Balances less Non -current 
borrowings (including current maturities). (3) Net Working Capital refers to Current assets (excluding cash and bank balances ) less Current liabilities. Group Financial Highlights (3/4)
Net Working Capital (3)
(INR Mn)Capital Expenditure
(INR Mn)24,95328,201
21,75625,413
Mar'24 Sep'24
Total Cash Net Cash
24,074
20,453
Mar'24 Sep'2487,238 87,880
Mar'24 Sep'24
1,657 1,674
6M FY24 6M FY256Note : (1) Asset  Turnover  is calculated  as Total  Income  for the period  divided  by average  total assets  for the period ; (2) Fixed  Asset  Turnover  is calculated  as Total  Income  for the period  divided  by average  total fixed  assets  for the period  (Property,  plant  and equipment  + Right -of-use assets  + Capital  work in 
progress) ; (3) Return  on Capital  Employed  (ROCE)  = (EBIT  - Taxes)/  Average  Capital  Employed  for the period . Capital  Employed  represents  Total  Assets  – Current  Liabilities ; (4) Return  on Net Worth  (RONW)  = Profit  for the period  / Average  Net Worth  for the period . Net Worth  represents  sum of equity  share  
capital  and other  equity ; (5) COGS  mean  cost of goods  sold includes  cost of materials  consumed,  purchases  of traded  goods,  change  in inventories  of finished  goods,  traded  goods  and work-in-progress  and manufacturing  overheads ; (6) Receivable  days calculated  as average  trade  receivables  for the period  
divided  by revenue  from operations  * over 183/365 days (as applicable),  Inventory  days calculated  as average  inventory  for the period  divided  by COGS*  over 183/365 days (as applicable),  & Payable  days calculated  as average  trade  payable  for the period  divided  by COGS*  over 183/365 days (as applicable) . 
CCC  calculated  as Receivable  days + Inventory  days - Payable  days;Group Financial Highlights (4/4)
Asset Turnover Ratio (1)(2)
Cash Conversion Cycle (CCC) (5)(6)
(# of Days)ROCE  (3) / RONW (4)
(%)
Cash Flow from Operations 
(INR Mn)0.62.1
0.61.5
0.51.5
Total asset turnover Fixed asset turnover
6M FY24 FY24 6M FY2510%9%
7% 10%
9%
7%
6M FY24 FY24 6M FY25
RoCE RoNW
4,2186,436
6M FY24 6M FY2580190
74196
78152
61169
99117
67149
Receivable days Inventory days Payable days Cash conversion
cycle
6M FY24 FY24 6M FY257P&L Highlights
INR Mn
Note: (1) Gross Margin = Revenue from Operations – Materials consumed; (2) ) EBITDA = Profit before tax plus exceptional items p lus finance expense plus depreciation and amortisation  expense excluding other 
income and foreign exchange loss or gain. (3) EBITDA margin = EBITDA / Revenue from operations; (4) PAT margin = PAT / Revenu e from operationsGroup P&L
Cenexi P&L
INR MnParticulars Q2 FY25 Q2 FY24 YoY 6M FY25 6M FY24 YoY Q1 FY25 QoQ
Revenue from operations 14,058 13,734 2% 28,075 25,821 9% 14,017 0%
Other Income 596 532 12% 1,111 907 22% 514 16%
Total Income 14,654 14,266 3% 29,186 26,728 9% 14,531 1%
Gross Margin(1)8,304 8,519 -3% 16,678 16,077 4% 8,375 -1%
% margin 59% 62% 59% 62% 60%
EBITDA(2)2,961 3,205 -8% 5,615 6,187 -9% 2,654 12%
% margin(3)21% 23% 20% 24% 19%
PBT 2,568 2,899 -11% 4,750 5,512 -14% 2,182 18%
% margin 18% 21% 17% 21% 16%
PAT 1,635 1,941 -16% 3,073 3,882 -21% 1,438 14%
% margin(4)12% 14% 11% 15% 10%
Particulars Q2 FY25 Q2 FY24 YoY 6M FY25 6M FY24 YoY Q1 FY25 QoQ
Revenue from operations 3,399 3,588 -5% 7,282 6,802 7% 3,883 -12%
Gross Margin(1)2,347 2,773 -15% 5,373 5,208 3% 3,026 -22%
% margin 69% 77% 74% 77% 78%
EBITDA(2)(685) (268) (971) 78 (286)
% margin(3)-20% -7% -13% 1% -7%
GLAND]GLAND]8Base Business (Ex -Cenexi) Performance
Q2FY25 Highlights  
•Revenue : INR 10,659 million,  driven  by volume  growth  in key injectables  and new product  launches  compared  to Q2FY24.
•Gross  margin : 56%.
•EBITDA : INR 3,645 million,  EBITDA  margins  were  at 34%. 
•R&D  expenses : INR 493 million  (4.6% of revenue) .
•Regulatory  filings : 7 ANDAs  filed,  8 ANDAs  approved . Total  filings : 363 ANDAs  in the U.S. (304 approved,  59 pending) . Global  product  
registrations : 1,726.
Key Updates : 
•US Market : Four molecules,  including  Cetrorelix  Acetate,  Ephedrine  Sulfate,  Tranexamic  Acid and Diazepam  were  launched  in the market .
•China  Market : Four of the nine products  in the plan for China  markets  are currently  under  development,  and five have  received  approvals .
•Complex  Injectables : we have  9 filings  completed  in a targeted  portfolio  of 19 products . Six of these  complex  products  have  already  been  
approved  (6 launched),  with three  more  expected  to secure  approval  in due course . These  products  target  an IQVIA  market  opportunity  of 
$7.3 billion,  reflecting  the significant  potential  of this segment  to drive  future  growth . 
•Biologics : During  the quarter,  Gland  entered  into a binding  term sheet  with Dr. Reddy's  Laboratories  (DRL)  to establish  strategic  cooperation  
for the biologics  CDMO  business . This partnership  will leverage  our state -of-the-art biologics  manufacturing  facility  at Genome  Valley  in 
Hyderabad . We are very optimistic  about  this partnership's  potential  to create  value  for both organizations,  and we expect  to sign a definitive  
agreement  shortly .
GLAND]GLAND]9Cenexi Performance 
Q2FY25 Highlights  
•Revenue : INR 3,399 million  / Euro  37 million
•Gross  margin : 69%
•EBITDA : INR -685 million  / Euro  -7.5 million
Key Updates : 
Fontenay  Site (Paris,  France) :
•Our new high-capacity  ampoule  line is on track  for commercial  production  in January  2025 . This project  has stayed  within  budget  and 
schedule  and will significantly  boost  our manufacturing  capacity,  customer  service,  and revenue .
Hérouville  Site (Normandy,  France) :
•Good  progress  is being  made  on validation  batches  for our new inactivated  vaccine  and ophthalmic  gel projects,  paving  the way for 
commercial  production  before  the end of the year.
•While  the site is currently  operating  at lower  volumes,  we are encouraged  by the growing  interest  from new partners  for the capacity
Braine -l’Alleud  Site (Belgium) :
•Temporary  setback  caused  by a lyophilizer  breakdown  at the site. We are currently  operating  at full capacity  with our remaining  lyophilizers .   
The issue  will be fully resolved  during  the quarter,  and a new backup  unit will be installed  in the first half of 2025  to prevent  future  disruptions  
and increase  in capacity .
Outlook : 
•Despite  these  near-term headwinds,  we continue  to strive  to achieve  our short -term outlook : a positive  EBITDA  for Q4 of FY25. 
•We maintain  our goal of a positive  EBITDA  for the next fiscal  year,  driven  by an increase  in revenue  above  the €200 million  threshold .
GLANDGLANDSegment wise revenue break -up
GLAND]GLAND]11US Market
Gland Revenue Contribution (Ex -Cenexi)
▪Revenue :
Launched  4 molecules  in the market,  including  
Cetrorelix  Acetate,  Ephedrine  Sulfate,  Tranexamic  Acid 
and Diazepam .
▪New launches(1):
Q2 FY25 : 4 Product  SKUs  (4 Molecules)
▪US filings  update :
As of September  30th, 2024 , we along  with our partners  
had 363 ANDA  filings  in the United  States,  of which  304 
were  approved  and 59 pending  approval .
Note: ANDA count includes technology transfer ANDAs 
(1) Includes products where launch quantity is dispatched to our partners. (2) Includes 2 tentative approvalsQ2 FY25
ANDA Filed 7
ANDA Approved 8(2)
DMFs Filed 1
USAGroup Revenue Contribution 
 54% 54%Q2
FY24Q2 
FY25
 69% 70%Q2
FY24Q2 
FY25
6M FY25: Rs. 15,175 Mn       
YoY Change: 13%US Market  (Ex -Cenexi )
Q2 FY25: Rs. 7,547 Mn       
YoY Change: 3%
6M FY25: Rs. 14,917 Mn       
YoY Change: 15%
Q2 FY25: Rs. 7,393 Mn       
YoY Change: 4%303012 3%
Q2
FY24Europe, Other Core Markets (Canada, Australia and New Zealand)
Gland Revenue Contribution (Ex -Cenexi)
Other Core Markets (Canada, Australia and New Zealand)Group Revenue Contribution 
 4%
Q2 
FY25
 4%  2%
Q2
FY24Q2 
FY25Gland Revenue Contribution (Ex -Cenexi)
EuropeGroup Revenue Contribution 
 17% 18%
Q2
FY24Q2 
FY25
 3%  2%
Q2
FY24Q2 
FY25Europe Other Core Markets (Canada, Australia and New Zealand)
6M FY25: Rs. 5,025 Mn       
YoY Change: 7%
Q2 FY25: Rs. 2,459 Mn       
YoY Change: -1%
6M FY25: Rs. 736 Mn       
YoY Change: -3%
Q2 FY25: Rs. 329 Mn       
YoY Change: 31%
6M FY25: Rs. 962 Mn       
YoY Change: 56%
Q2 FY25: Rs. 515 Mn       
YoY Change: 45%
6M FY25: Rs. 600 Mn       
YoY Change: 53%
Q2 FY25: Rs. 405 Mn       
YoY Change: 105%13Rest of the World Markets
▪The Rest of the World  markets  contributed  16% of our 
revenue  in Q2 FY25, compared  to 17% in Q2 FY24. 
▪We registered  Ziprasidone,  Furosemide,  Deferoxamine  
and Dexmedetomidine  in new geographies  during  the 
Q2 FY25.
16% 17%
Q2
FY24Q2 
FY25Group Revenue Contribution 
Gland Revenue Contribution (Ex -Cenexi)19% 19%
Q2
FY24Q2 
FY25
RoWRest of the World Markets (Ex -Cenexi )
6M FY25: Rs. 5,512 Mn       
YoY Change: -1%
Q2 FY25: Rs. 2,663 Mn       
YoY Change: 0%
6M FY25: Rs. 3,139 Mn       
YoY Change: -7%
Q2 FY25: Rs. 1,658 Mn       
YoY Change: -5%14India (Domestic Market)
▪The Indian  market  made  up 8% of our revenue  in Q2 
FY25, compared  to 9% in Q2 FY24. 
Gland Revenue Contribution (Ex -Cenexi)
8% 9%
Q2 
FY25Q2
FY24Group Revenue Contribution 
6% 6%
Q2 
FY25Q2
FY24
India (Domestic Market)India - Domestic Market (Ex -Cenexi )
6M FY25: Rs. 1,401 Mn       
YoY Change: -8%
Q2 FY25: Rs. 874 Mn       
YoY Change: 0%
6M FY25: Rs. 1,401 Mn       
YoY Change: -8%
Q2 FY25: Rs. 874 Mn       
YoY Change: 0%oooo15Gland Pharma Limited
Survey No. 143 -148, 150 & 151
Near Gandimaisamma  'X' Roads
D.P. Pally, Dundigal Gandimaisamma  Mandal
Medchal -Malkajgiri  District
Hyderabad 500043, Telangana , IndiaRegistered Office
543245
 GLAND
 GLAND:IN
Gland Pharma Limited
Plot No. 11 & 84, TSIIC Phase: IV
Pashamylaram (V), Patancheru (M), 
Sangareddy District
Hyderabad 502307, Telangana , IndiaCorporate Office:GLAND
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