Glenmark posts Q2 net profit of Rs 55.85 crore

NEW DELHI: Drug firm Glenmark Pharmaceuticals today reported a consolidated net profit of Rs 55.85 crore for the quarter ended September 30, 2011.

The company had posted a net profit of Rs 86.17 crore for the quarter ended September 30, 2010 Glenmark Pharmaceuticals said in a filing to BSE.

"The net profit number is not comparable as there was a one-time exceptional expense amounting to Rs 131.68 crore and also due to (mark to market) MTM losses on account of foreign currency loans," Glenmark said.

The one-time expense was for the purchase option election with respect to its royalty agreement with Paul Capital for its dermatology portfolio in the US, it added.

Consolidated net sales of the company stood at Rs 1,055.44 crore for the quarter ended September 30, 2011. It was Rs 723.57 crore for the same quarter year ago.

Shares of Glenmark Pharmaceuticals were today trading at Rs 318.05 in the afternoon trade on BSE, down 0.97 per cent from its previous close.