Glenmark Pharma net up 15.5%

A lower tax burden helped Glenmark Pharmaceuticals Ltd record a 15.5 per cent rise in its consolidated net profit for the quarter ended December 31, 2009. The net profit rose to Rs 94.1 crore in the reporting period from Rs 81.4 crore registered during the corresponding three months of the previous financial year.

The tax expense during the reporting quarter was Rs 4.4 crore, substantially lower than the cumulative tax burden of Rs 53.48 crore in the same quarter in the year before.

The consolidated revenue for the reporting quarter was Rs 648.3 crore — up 11.3 per cent, compared with Rs 582.7 crore during the corresponding quarter in the previous year. CEO and MD Glenn Saldanha said sales grew across regions due to “improved economic environment across geographies”.

The speciality formulation business, including out-licensing revenue, was 19 per cent higher at Rs 361.2 crore, against Rs 303.2 crore for the same quarter of the previous year. Revenue from the generics business was just 1 per cent higher at Rs 280.4 crore over Rs 278.2 crore earlier, the company stated.

Consolidated net profit was Rs 228.41 crore — 27 per cent lower than the Rs 314.17 registered during the same period in the previous financial year. Revenues for the nine-month period were Rs 1,799.58 crore — 12 per cent higher than the 1,605.77-crore revenue for the same nine-month quarter in the previous financial year.