Glenmark Q1 net up 3.29% at Rs 191 crore

Glenmark Pharmaceuticals on Thursday posted 3.29 percent rise in consolidated net profit at Rs 190.93 crore for the first quarter ended June 30, driven by sales in domestic as well as overseas markets. The Mumbai-based company had posted a net profit of Rs 184.84 crore in the same period of the previous fiscal. The company's consolidated revenue, excluding outlicensing income, stood at Rs 1,655.24 crore for the first quarter, as compared to Rs 1,457.03 crore in the same period of the previous fiscal, the firm said in a filing to the BSE.

"We have recorded good growth during the quarter for our India, US LatAm and Europe businesses," Glenmark Pharmaceuticals, Chairman & MD, Glenn Saldanha said. "While we continue to outperform in the Indian Pharmaceuticals market; our US business also registered decent growth in the quarter aided by ANDA approvals for six products," he added. The company's LatAm business performed exceedingly with Brazil, Mexico and Venezuela recording good sales growth, Saldanha said.

"We have been also making steady progress in our innovation pipeline as we persist with our relatively high investments on R&D to build both our novel as well as generics products," he added. During the period under review, Glenmark Pharmaceuticals Inc, USA reported revenues of Rs 561.04 crore as against Rs 488.67 crore in the same period of previous fiscal. Sales for the formulation business in India for the first quarter ended June 30 stood at Rs 472.93 crore as against Rs 397.15 crore in the previous corresponding quarter.