Glenmark Pharma reported a 46.92 percent dip in its consolidated net profit at Rs 114.77 crore for the quarter ended December 31, 2014, mainly due to forex losses and increased expenses. The company had posted a profit after tax and minority interest of Rs 216.23 crore for the corresponding period of the previous fiscal.
Addressing a conference call, the management said volatility in Russia resulted in slowing of sales. The company’s Russia business is cash positive and we have not taken price increases, nor intend to go ahead with it (price hike) in Q4, Glenmark said. The company’s net debt stands at Rs 2,754 crore.
Glenmark expects to see acceleration in the US business this quarter onwards and is hopeful of meeting topline guidance on in constant currency terms.
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