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Glenmark Pharmaceuticals Q2 net up 56% at Rs117 cr

Glenmark Pharmaceuticals Q2 net up 56% at Rs117 cr
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First Published: Mon, Oct 27 2008. 02 16 PM IST
Updated: Mon, Oct 27 2008. 02 16 PM IST
PTI
Mumbai: Drug-maker Glenmark Pharmaceuticals today said its net profit for the second quarter ended 30 September grew by 56.23% at Rs117.36 crore over the corresponding period a year ago.
The firm had a net profit of Rs75.12 crore in the second quarter of last fiscal, Glenmark Pharmaceuticals said in a filing to the Bombay Stock Exchange.
The revenue rose by 49.29% at Rs559.71 crore in the quarter under review, from Rs374.89 crore in the same period last year.
The generic business posted a growth of 56.21% at Rs247.51 crore against Rs133.23 crore in the same period previous year.
“Glenmark has once again registered impressive sales and profit growth. All business units have performed well with strong growth recorded by the generic business. The US generic business units continue to power growth for the generic subsidiary,” Glenmark Pharmaceuticals Managing Director Glenn Saldanha said.
The firm’s speciality business had revenues of Rs312.20 crore against Rs241.66 crore for the year-ago period.
“For the speciality business, the Indian formulations business continues to register steady growth and the introduction of new products will further boost sales for the business. On the discovery front, too, we have made progress with another two molecules in the process of progressing to the clinics,” Saldanha said.
For six-month ended 30 September, it had a net profit of Rs232.73 crore against Rs132.27 crore for the previous year.
The company’s revenue increased to Rs1020.54 crore during six-month period from Rs726.25 crore in the year-ago period.
Shares of the company were trading at Rs 259.25, down 20 per cent on the BSE. PTI SP JAS
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First Published: Mon, Oct 27 2008. 02 16 PM IST