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| 'Our margins will continue to rise' |
| Business Standard / New Delhi Jul 30, 2009, 00:53 IST |
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Glenn Saldanha, MD & CEO, Glenmark Pharma, says the company sees a profit of Rs 300-400 crore, going ahead. Excerpts:
Your margins have come down by 7.5 per cent...
Actually if you look at our Ebitda (earnings before interest, taxes, depreciation & amortisation) margins, we had a good quarter. At the operating levels, almost 29-30 per cent. Where we got hit in the first quarter is forex loss and interest costs, up substantially. But we came out strong on the operating numbers.
Any guidance on profitability or sales?
Net profit expected is Rs 300-400 crore. That’s the only number we are putting out. Our margins, overall, will continue to sustain and improve.
What’s the strategy on debt?
From operations, we will have Rs 300-400 crore of cash generated. Over and above, we are looking at some fund-raising options, in the parent and in the Glenmark generic subsidiary. It will include things like QIPs and FCCBs.
How much money are you looking to raise?
In the parent company, we have just gone for an enabling resolution of $250 million.
What is the fund require-ment for the subsidiary?
None at the operational level. The money we’re raising is purely to pay back debt and cut tax levels. The consolidated debt position -- both between parent and subsidiary -- is close to Rs 2,000 crore.
The mix between revenues from the Indian markets vis-à-vis internationally?
There’s a rebound virtually in every market we operate in. Emerging markets grew at 99 per cent and India at 16-18 per cent. US markets, clearly, will remain extremely positive.
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