Glenmark Q1 net profit up 3.29 per cent at Rs 190 crore

MUMBAI: Mumbai-based Glenmark Pharma on Thursday posted an 11% rise in its first quarter revenue, driven by sales in India and Latin American markets.

The company’s revenues rose to Rs 1,655 crore, against Rs 1,457 crore in the same quarter of the previous year. This does not include the licensing fee for the molecules it has leased out.

The company reported a net profit of Rs 190 crore compared with Rs 184 crore in the previous year, a marginal increase of 3%. The drug maker said it received a licensing fee of Rs 29 crore in the first quarter of 2014-15.

Glenmark said the company’s Latin American market had done exceedingly well, registering an 85 % growth at Rs 218 crore, followed by India which recorded sales worth Rs 472 crore.

“We have recorded good growth during the quarter for our India pharma market. Our US business also registered decent growth in the quarter aided by ANDA approvals for six products.

Our Latin America business performed exceedingly well with Brazil, Mexico and Venezuela recording good sales growth,” said Glenn Saldanha, MD, Glenmark, in a press statement.