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Business News/ Companies / Company-results/  Glenmark beats market expectation with fivefold growth in net profit
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Glenmark beats market expectation with fivefold growth in net profit

Glenmark Pharmaceuticals Ltd said third-quarter profit rose fivefold to `231 crore from a year earlier

Analysts had estimated that Glenmark will report profit in the range of `170-180 crore on revenue of about `1,250 crore for the quarter. Photo: Pradeep Gaur/Mint (Pradeep Gaur/Mint)Premium
Analysts had estimated that Glenmark will report profit in the range of `170-180 crore on revenue of about `1,250 crore for the quarter. Photo: Pradeep Gaur/Mint
(Pradeep Gaur/Mint)

Mumbai: Glenmark Pharmaceuticals Ltd said third-quarter profit rose fivefold to 231 crore from a year earlier, beating analysts’ estimates.

Revenue grew 34% to 1,381 crore in the quarter ended 31 December.

Analysts had estimated that Glenmark will report profit in the range of 170-180 crore on revenue of about 1,250 crore for the quarter.

Research out-licensing income and a general increase in profitability during the quarter led to the substantial growth in profit for Glenmark, said an analyst from a foreign brokerage on Tuesday.

The company informed the stock exchanges that its business, both in the speciality and generic segments, grew more than 30% in the October-December period. Business in Asian and African markets grew about 67%, and the domestic business grew 30%.

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Published: 29 Jan 2013, 06:36 PM IST
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