Glenmark posts Rs 102.6 cr net profit

Better perormance by various business verticals helped Glenmark Pharmaceuticals (GPL) post a net profit of Rs 102.6 crore for the fourth quarter ended March as compared to a loss of Rs 120.6 crore for the previous corresponding quarter.

Glenmark’s consolidated revenue for the quarter was Rs 709.1 crore, as against Rs 491 crore, an increase of 44.4 per cent.

"All businesses and regions have performed well and we continue to remain optimistic about growth for the current financial year,” Glenn Saldanha, chief executive and managing director commented on the performance.

Sales for the formulation business in India increased to Rs 218.4 crore for the quarter from Rs161.6 crore in the previous corresponding quarter, recording a growth of over 35 per cent. Revenue from Africa, Asia and CIS region was at Rs 136.9 crore, three times more than the previous corresponding quarter. Glenmark’s revenue from its Latin American and Caribbean operations was at Rs 34.5 crore, as against Rs 26.8 crore, a growth of 28.7 per cent.

Glenmark Europe’s operations recorded revenue of Rs 45.9 crore as compared to Rs 38.3 crore for the previous corresponding quarter. Its generics business in the US recorded revenues of Rs 185.2 crore for the fourth quarter, as against revenue of Rs 1,56.3 crore, an increase of about 18 per cent. Revenue from sale of active pharmaceutical ingredients to regulated and semi-regulated markets globally was Rs 70.2 crore as against Rs 50.5 crore for fourth quarter of the previous year, recording an increase of 39 per cent.

For the financial year 2009-10, Glenmark’s consolidated revenue increased to Rs 2484.8 crore as against Rs 2,093 crore, a growth of 18.7 percent.

The consolidated net profit for the financial year was at Rs 331 crore as compared to Rs 193.4 crore for the previous financial year, an increase of 71.14 per cent.

Revenue from the generics business was at Rs 1,050 crore, as against Rs 985.7 crore registering growth of 7 per cent. The Speciality formulation business registered revenue of Rs 1,434.8 crore as against Rs 1,107.2 crore, registering growth of 30 per cent.