Glenmark posts FY14 PAT at Rs 524 cr

Net profit not comparable due to exceptional item of Rs 217 cr due to provision made by Glenmark Generics Inc

Glenmark Pharmaceuticals Limited (GPL) posted a consolidated net profit of Rs 542 crore for FY13-14. Consolidated Revenue grew by 20% to Rs 6,007 crore ($994 mn) in FY 13-14.

According to the company, the net profit is not comparable due to exceptional item of Rs 217 crore on account of the provision made by Glenmark Generics Inc. towards the claims of Abbott Laboratories in the patent litigation in respect of 'TARKA' (oral anti-hypertensive medication).

For the fourth quarter ended Mar 31, 2014, Glenmark’s consolidated revenue was at Rs 1,703 crore as against Rs 13,35 crore, an increase of 28%.

“We have consistently grown our topline by over 20% year on year for the past three years,” said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Ltd.

“We have also made steady progress on our innovation pipeline especially on the novel biologics front; one of the highlights being GBR 900 - the first anti-TrkA monoclonal anti-body to enter clinical development,” he added.

Company's US business grew at 20% to Rs 20,27 crore in FY 13-14, while India business grew at 15% to Rs 15,10 crore in FY 13-14.

On Thursday, Glenmark shares were closed at Rs 593.4, down by 1.76% on BSE.