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Glenmark Q3 net profit up 11% to Rs. 116.34 crore

  •  Glenmark's Q3 profit rises to Rs. 116.34 crore for the Dec 2018 quarter as against Rs. 104.74 crore in the corresponding quarter of the previous fiscal
  • Glenmark's consolidated revenue stood at Rs. 2,555.04 crore during the Oct-Dec 2018 period from 2,203.66 crore in the year-ago period

New Delhi: Drug firm Glenmark Pharmaceuticals on Thursday reported an 11.07% rise in consolidated net profit to Rs. 116.34 crore for the December 2018 quarter, mainly on account of robust sales in India, the US and Europe.

It had posted a net profit of Rs. 104.74 crore in the corresponding quarter of the previous fiscal, Glenmark Pharmaceuticals said in a BSE filing.

The company's consolidated revenue stood at Rs. 2,555.04 crore during the October-December 2018 period from 2,203.66 crore in the year-ago period.

"We have reported healthy numbers in third quarter on the back of good growth in our key markets like the US, India and Europe," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.

The company continues to receive approval for niche generic products in the US, whereas in India and Europe, it increased market penetration and product launches continue to drive growth, he added.

"We have expanded our presence in the US market through our foray into the branded dermatology segment and we continue to invest in furthering our specialty products' pipeline," Saldanha said.

Sales from the formulation business in India stood at 667.53 crore as compared with 578.50 crore during the corresponding quarter of 2017-18, a growth of 15.39%, it said.

Glenmark Pharmaceuticals Inc US registered sales of finished dosage formulations of 855.67 crore for the quarter ended 31 December 2018 as against 735.88 crore in the same quarter of the previous fiscal, recording a rise of 16.28%, it added.

Glenmark Europe's revenue for the third quarter of 2018-19 was at 321.73 crore as against 224.75 crore for the corresponding period a year ago, an increase of 43.15%, Glenmark said.

Shares of Glenmark Pharmaceuticals closed at 613.90 apiece on the BSE, up 3.02% from its previous close.

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