Expect domestic business to grow at 15-16%: Glenmark

Glenmark Pharma has declared its results for the quarter ended June 2008 (Q1). The company's consolidated net sales were at Rs 460.8 crore versus Rs 351.4 crore.

Key Takeaways from Glenmark Pharma concall:

• Consolidated revenue was Rs 466.45 crore as against Rs 359.42 crore, registering growth of 29.78 %.
• Consolidated Net profit increased to Rs 115.38 crore as against Rs 57.151 crore, an increase of 101.88 %.
• Revenue from the generics business, Glenmark Generics Ltd (GGL) was Rs 240.60 crore, as against Rs 128.378 crore, registering growth of 87.42 %. Net profit was at Rs 68.176 crore.
• The Speciality business (including out licensing revenues), had revenues of Rs 225.850 crore as against Rs 231.046 crore  for the quarter of the previous year, a marginal decline of 2.25 %. Net Profit was at Rs 47.20 crore.
• Revenue from sale of API to regulated and semi-regulated markets globally was Rs 21.040 crore for Q1 FY09 against Rs 19.670 crore for Q1 of the previous year, recording an increase of 6.97 %.
• Revenue from the domestic API and co-marketing business amounted to Rs 21.567 crore in Q1 FY09 against Rs 19.845 crore for Q1 of the previous year, recording an increase of 8.68 %.
• In the European region, the company continues to strengthen its presence in key Central Eastern European markets. The product acquisition in Poland and Medicamenta, the Czech subsidiary has provided a strong base to scale growth in this region.
• The impressive performance of the US generics business should continue as the company has received 4 ANDA approvals in this quarter and expect another 4-5 in the second quarter.
• Q1 R&D cost was at Rs 18 crore.
• Litigation cost is insignificant.
• The company expects domestic business to grow at 15-16%.

For further details, listen to concall....