Glenmark Pharmaceuticals today said its consolidated net profit rose by 32.54% to Rs 150.35 crore for the fourth quarter ended March 31, 2012, on the back of robust sales in the domestic and US market.
The company had posted a net profit of Rs 113.43 crore for the quarter ended March 31, 2011, Glenmark Pharmaceuticals said in a statement.
Net sales of the company increased by 34% to Rs 1,065.85 crore for the quarter ended March 31, 2012 as against Rs 795.07 crore for the corresponding period of previous fiscal.
The company's board, which met today, recommended a 200% dividend at Rs 2 per share (face value of Re 1) for the financial year 2011-2012, Glenmark Pharmaceuticals said.
"All across the businesses we have grown... The US business has grown significantly. There has been good growth in Latin America," Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha told PTI.
Revenue from the generics business stood at Rs 468.50 crore for the last quarter of previous fiscal as against Rs 316.30 crore in the quarter ended March 31, 2011.
The speciality formulation business revenue for the quarter ended March 31, 2012 stood at Rs 594.37 crore, compared to Rs 464.02 crore for the corresponding quarter of previous fiscal.
Consolidated net profit of the company for the year ended March 31, 2012 stood at Rs 460.34 crore as against Rs 453.20 crore during the same period of previous fiscal.
Net revenues of the company for the 2011-2012 financial year stood at Rs 4,020.64 crore as against Rs 2,949.07 crore for the year ago period.
"All our businesses registered strong growth for the year with the speciality and generics business growing in excess of 30%." he added.
The US generics business continued its growth trajectory, recording 45% growth and received 14 ANDA approvals in FY 12," Saldanha said.
The India formulations business registered a growth of 19% for the year, as it continued to gain market share in focus segments, he added.
The company has seen growth in both the speciality and generic businesses in all the major markets across the world.
The company said it has a pipeline of six new chemical entities and new biological entities under clinical trials, including the in-licensed molecule 'Crofelemer'.
"FY 2012 was a landmark year for our R&D business marked by the GBR 500, novel monoclonal antibody out-licensing deal with Sanofi. Besides, we have made significant progress in our R & D pipeline...," Saldanha said.
Outlicensing has and is a big part of our strategy, he added.
Shares of Glenmark Pharmaceuticals today closed at Rs 329.75 on BSE, up 0.14% from its previous close.