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
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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