Glenmark Q1 net profit up 64% at Rs 128.67 cr

NEW DELHI: Drug firm Glenmark Pharmaceuticals today reported a 64.39 per cent rise in its consolidated net profit at Rs 128.67 crore for the first quarter ended June 30, 2013 mainly on account of robust sales.

The company had posted a net profit after taxes minority interest and share of profit of associates of Rs 78.27 crore for the corresponding period previous fiscal, Glenmark Pharmaceuticals said in a statement.

Consolidated net sales of the company rose to Rs 1,237.88 crore for the quarter under consideration from Rs 1,040.40 for the same period year ago, it added.

Commenting on results, Glenmark Pharmaceuticals Chairman & MD Glenn Saldanha said: "We have recorded good growth in both our Generics and Speciality Formulations businesses across key geographies."

The company continues to do well in markets like India, US and Russia despite challenges in the operating environment, he added.

Speciality formulations business revenue, excluding outlicensing, grew by 20.37 per cent to Rs 607.41 crore for the quarter ended June 30, 2013 from Rs 504.64 crore for the corresponding period previous fiscal, Glenmark said.

The company's generics business grew to Rs 624.25 crore from Rs 530 crore, a growth of 17.78 per cent with US generics business growing by 13.91 per cent, it added.

"We have been also making steady progress on the innovation R&D front with our 5 NCE & NBE molecules in clinical trials," Saldanha said.

The company has a significant presence in branded generics markets across emerging economies including India. It along with its subsidiary has 14 manufacturing facilities in four countries and has six R&D centres.

Shares of Glenmark Pharmaceuticals today closed at Rs 572.30 per scrip on BSE, down 0.75 per cent from its previous close.