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Glenmark in the black as local, US sales rise

Glenmark in the black as local, US sales rise
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First Published: Fri, May 28 2010. 10 27 PM IST
Updated: Fri, May 28 2010. 10 27 PM IST
Mumbai: Robust growth in sales of branded formulations in the domestic market, and generic sales in the US and emerging markets helped Mumbai-based drug maker Glenmark Pharmaceuticals Ltd post a net profit of Rs102.60 crore in the fourth quarter of fiscal 2010.
It had reported a net loss of Rs120.60 crore a year ago.
Revenue grew 44% to Rs709 crore during the quarter ended 31 March, driven mainly by sales in India and the US, two key markets that contribute about 57% to the firm’s sales.
For the same quarter last fiscal, Glenmark had sales of Rs491crore, but a Rs116 crore write-off in the US market resulted in the net loss.
Managing director and chief executive Glenn Saldanha said that the impressive growth augurs well for the fiscal year that began on 1 April.
In April, a report by brokerage Elara Securities (India) Pvt. Ltd had said that Glenmark’s stable growth and high margin business in domestic formulations had provided it a lifeline during fiscal 2010.
“The company follows a strategy of leadership in niche or less competition therapeutic products, which enables it to maintain high margins in the domestic market,” the report had said.
Glenmark posted a net profit of Rs331 crore on sales of Rs2,484.80 crore for the fiscal year ended March.
The drug maker’s scrip rose 0.43% to close at Rs270.15 apiece on the Bombay Stock Exchange on Friday even as the bourse’s benchmark Sensex index rose 1.18% to 16,863.06 points.
Glenmark, which is also present in emerging markets such as Russia, Africa and other Asian markets, has benefited from those regions in the March quarter with an overall sales growth of 225% at Rs137 crore, against Rs42 crore a year ago.
ch.unni@livemint.com
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First Published: Fri, May 28 2010. 10 27 PM IST