Glenmark Pharmaceuticals posts Q4 profit at Rs151 crore
Glenmark Pharmaceuticals reports a consolidated net profit of Rs151.62 crore for the fourth quarter ended March 2018
New Delhi:Glenmark Pharmaceuticals on Tuesday reported a consolidated net profit of Rs151.62 crore for the fourth quarter ended March 2018.
The company had posted a net profit of Rs183.76 crore for the same period of the previous fiscal.
Revenues stood at Rs2,279.81 crore for the fourth quarter ended 31 March, 2018. It was at Rs2,457.18 crore in January-March period of 2016-17, Glenmark said in a regulatory filing.
The Mumbai-based firm said results are not comparable to the corresponding quarter of the previous year, as the company through its partner Endo had launched Ezetimibe in the US in December 2016 and was entitled to an exclusivity on the product.
Consolidated net profit for the year stood at Rs803.87 crore. It stood at Rs1,108.75 crore in 2016-17.
Revenues stood at Rs9,103.07 crore for the year while the same was at Rs9,185.68 crore in 2016-17.
“While 2017-18 was a challenging year mainly on account of pricing pressure in the US, our other key markets like Europe and India performed well on the back of new product launches,” Glenmark Pharmaceuticals chairman and MD Glenn Saldanha said.
Even though the company expects pricing pressure to persist, it is glad that current fiscal has started on a positive note with approvals for some interesting products in the US, he added.
The company’s board recommended a dividend of Rs2 per share of face value of Re1 each for 2017-18.
In a separate filing, the drug maker said its board has approved the draft share purchase agreement to acquire 100% stake in Pune-based Zorg Laboratories Pvt Ltd for an aggregate consideration of Rs5 lakh. It is engaged in the business of dealing, distributing and marketing of all types of pharmaceutical and chemical products.
Glenmark shares on Tuesday ended 1.37% down at Rs531 apiece on the BSE.
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