BackGlenmark Q1 net profit up 3% to Rs191 crore
Total income rises 13.6% from `1457 crore to `1655 crore
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Mumbai: Mumbai-based Glenmark Pharmaceuticals Ltd on Thursday said consolidated net profit in the June quarter grew 3.3%, aided by out-licensing income worth ₹ 30 crore.
Net profit for the quarter was ₹ 191 crore against ₹ 185 crore a year ago. Total income rose 13.6% from ₹ 1457 crore a year ago to ₹ 1655 crore.
“We have recorded good growth during the quarter for our India, US, Latin America and Europe businesses. 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. Our LatAm business performed exceedingly with Brazil, Mexico and Venezuela recording good sales growth," said Glenn Saldanha, chairman & managing director.
The India formulations business grew by 19% to ₹ 473 crore. The US business grew by 15% to ₹ 5,61 crore while Europe business grew by 12.41% to ₹ 109 crore and Latin America business grew by 86% to ₹ 218 crore.
Glenmark shares rose 0.53% to close at ₹ 956.3 on BSE on Thursday, while the benchmark Sensex rose 0.51% to 27,705.35 points.
On Wednesday, Glenmark shares had closed about 6% lower after foreign brokerage Credit Suisse downgraded the stock to ‘Underperform’ from ‘Neutral.’
On Monday, Glenmark shares fell 4.21% on BSE, after a US court ruled against Glenmark in a patent litigation over its skin care drug. Reuters reported that Glenmark’s proposed generic version of Bayer AG’s Finacea, a gel for treating the common skin condition rosacea, infringes Bayer’s patent.
The federal court in Wilmington, Delaware said Glenmark’s proposed gel would be absorbed into the skin in a similar way to Finacea, violating Bayer’s patent.
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