Glenmark Pharma FY11 net at Rs 458 cr

Glenmark Pharmaceuticals today said overall growth in all segments in the country and overseas markets led to a consolidated net profit of Rs 457.83 crore for the year ended March 31, 2011.

The company's consolidated net profit for the previous fiscal stood at Rs 331.03 crore, Glenmark Pharmaceuticals said in a filing to the Bombay Stock Exchange (BSE).

As the company has adopted a new accounting system, consolidated figures are not comparable with those of the previous fiscal.

Total income of the company for the year ended March 31, 2011 stood at Rs 3,089.58 crore, the same was Rs 2,533.80 crore in the previous fiscal.

In the specialty business segment, the company posted sales of Rs 844.68 crore for the formulation business in India for the year ended March 31,2011. The sales stood at Rs 752.86 crore in the previous fiscal, it said.

The company's specialty business in Africa, Asia and CIS Region posted sales of Rs 406.96 crore for the fiscal under consideration, it added.

In Latin America and Europe, Glenmark's revenues rose to Rs 191.88 crore and Rs 152.76 crore, respectively, for the year ended March 31. The company's sales were at Rs 136.09 crore and Rs 136,27 crore in the previous fiscal.

In the generic business segment, the company's US subsidiary, Glenmark Generics Inc registered sales of Rs 835.15 crore for the 'finished dose formulations' for the year ended March 31, 2011.

For the previous fiscal, the sales stood at Rs 723.04 crore.

The company's business in European Union continued to grow through a mix of product sales and licensing revenue, the company said.

In the active pharmaceutical segment (API) the company's revenues for the year ended March 31, 2011 stood at Rs 333.65 crore while the same was Rs 262.72 crore in the previous fiscal.

The company said it was granted 22 abbreviated new drug applications (ANDA) approvals in FY11, comprising of 18 final and 4 tentative approvals.

During the first half of the fiscal year under consideration, Glenmark also announced three settlements for atovaquone/proguanil tablets, ezetimibe tablets and eszopiclone tablets.

In another filing to the BSE, the company said its board has recommended a dividend of Re 0.40 per share (40%) of face value Re 1 on the equity share capital of the company for the financial year 2010-2011.

In a separate filing to the BSE, Glenmark said its board has redesignated its Chairman Gracias Saldanha as Founder & Chairman Emeritus.

The board also announced appointment of Glenn Saldanha as the Chairman of the board in addition to his responsibilities as MD of the Company, the company said.

Shares of Glenmark Pharmaceuticals today closed at Rs 284.20 on the BSE, down 0.09% from its previous close.