Glenmark Pharmaceuticals net profit up 30% at Rs 248.17 cr in Dec qtr

Drug firm Glenmark Pharmaceuticals on Friday reported a 30.04 percent rise in its consolidated net profit to Rs248.17 crore for the quarter ended December 2020, mainly on account of robust sales in India and growth in the API segment.

The company had posted a net profit of Rs 190.83 crore for the corresponding period of the previous fiscal,Glenmark Pharmaceuticals said in a regulatory filing.

Consolidated revenue of the company stood at Rs2,786.76 crore for the quarter under consideration. It was Rs 2,735.56 crore crore for the same period a year ago, it added.

"Our India business continued to grow at a healthy pace in the third quarter, consistently outperforming industry growth. The US business rebounded well and we expect the business to gradually build sales momentum," Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.

This quarter, "the active pharmaceutical ingredient (API) business once again performed well and we expect this business to grow in the next few years. We also expect the European and the emerging markets business to gain traction in the coming few quarters", he added.

Sales from the formulation business in India for the third quarter of FY 2020-21 was at Rs 882.11 crore as against Rs 788.83 crore in the previous corresponding quarter, the filing said.

Glenmark Pharmaceuticals Inc, USA registered revenue from sale of finished dosage formulations of Rs 780.38 crore for the quarter as against Rs 799.82 crore for the previous corresponding quarter, it added.

Glenmark Europe's revenue for the third quarter of FY 2020-21 was at Rs 313.32 crore as against Rs308.93 crore earlier.

API business grew by 22.09 percent to Rs 320.07 crore for the quarter ended December 2020, Glenmark said.

Shares of Glenmark Pharmaceuticals closed at Rs504.20per scrip on BSE, down 0.37 per cent from its previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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