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Glenmark consolidated Q3 net soars 48% at Rs280 cr

Glenmark consolidated Q3 net soars 48% at Rs280 cr
PTI
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First Published: Mon, Jan 21 2008. 04 26 PM IST
Updated: Mon, Jan 21 2008. 04 26 PM IST
New Delhi: Glenmark Pharmaceuticals Ltd on 21 January reported a 48.17% jump in consolidated profit for the quarter ended 31 December, 2007 at Rs280.02 crore compared to Rs188.98 crore for the same period last year.
Consolidated revenue rose by 53.56% to Rs685.08 crore during the third quarter of this fiscal as against Rs446.12 crore in the corresponding period of the previous year.
In a statement, the drug firm said estimated profit from generics business stood at Rs89.28 crore and that of from specialty business was Rs190.74 crore for the quarter.
Revenue from generics business, which the company intends spinning off into a subsidiary and subsequently listing in the first quarter of the next fiscal, were Rs267.84 crore as against Rs130.90 crore in the same quarter of previous year.
The specialty business, which would continue to be a part of GPL, had revenue of Rs417.24 crore compared to Rs 315.23 crore in the year ago period, it added.
Glenmark Pharmaceuticals Inc, USA, its wholly-owned subsidiary, posted revenue of Rs204.08 crore for the third quarter as against Rs 83.54 crore during the corresponding period last year.
“We have posted good results with the Eli Lilly milestone this quarter and a good performance of our US business. We also announced the reorganisation of the company’s business into specialty and generics, which will provide the two with the management focus they require and with this we will move further up in the league of leaders in the pharmaceutical industry,” Glenmark Pharmaceuticals Managing Director and CEO Glenn Saldanha said.
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First Published: Mon, Jan 21 2008. 04 26 PM IST