Generic sales push net of Glenmark fivefold

Glenmark Pharmaceuticals has reported a fivefold jump in its consolidated net profit at Rs 213 crore for the quarter ended December 31, against Rs 45 crore, on account of growth across all business verticals.

Consolidated net sales rose to Rs 1,381 crore for the quarter against Rs 1,031 crore for the corresponding period last year.

Specialty formulation business recorded a growth of 34 per cent at Rs 735 crore. Revenue from the generics business grew by 33 per cent at Rs 581 crore. US generics business grew by 37 per cent, while India formulations business grew by 30 per cent.

Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals, “We continue to maintain our high growth trajectory by recording a strong sales growth of over 30 per cent for the third quarter. The US, India and Russia markets performed exceptionally well and continue to drive growth for the company.”

Net profit for nine months ended December 31, 2012 stood at Rs 448 crore as compared to Rs 310 crore.