Glenmark Pharma Q2 net jump 93.3% at Rs 414 cr

Glenmark Pharmaceuticals reported a 93.3 percent jump in consolidated net profit at Rs 414 crore for the quarter ending September boosted by sale of its orthopaedic and pain management business in India.

The company had posted consolidated net profit of Rs 214.12 crore in the previous corresponding quarter, Glenmark Pharmaceuticals said in a statement.

During the period under review, consolidated revenue was at Rs 2,581.33 crore against Rs 2,256.59 crore in the year-ago period.

In the second quarter, the company had one-time exceptional income of Rs 167.18 crore.

Glenmark had transferred its orthopaedic and pain management India business, valued at Rs 6.35 crore to Integrace Pvt Ltd by way of a slump sale during the second quarter.

Commenting on the performance, Glenmark Pharmaceuticals Chairman & MD Glenn Saldanha said, "Our healthy performance in the second quarter can be attributed to good growth in most of our markets globally."

The US business growth was driven by launch of certain limited-competition generic products even though the overall market environment remains challenging, he added.

Sales from the formulation business in India was at Rs 778.36 crore for the second quarter as against Rs 710.68 crore in the previous corresponding quarter, a growth of 9.52 percent, the company said.

In the US, sale of finished dosage formulations stood at Rs 810.25 crore as compared to Rs 727.09 crore in the year-ago period, an increase of 11.44 percent.

Glenmark said its revenue from Europe operations stood at Rs 260.78 crore, as compared to Rs 200.02 crore in the second quarter last fiscal, up 30.37 percent.