Glenmark Q1 net at Rs 78 cr

Profit in year-ago quarter was Rs 209 cr, firms says figures not comparable due to out-licensing income earned last year

Drug firm Glenmark Pharmaceuticals today posted a net profit of Rs 78.27 crore for the first quarter ended June 30, 2012.

The Mumbai-headquartered firm had posted a net profit of Rs 208.58 crore during the same period of previous fiscal, Glenmark Pharmaceuticals said in a statement.

The company, however, said its net profit for the quarter is not comparable due to out-licensing income of Rs 111.23 crore received in the corresponding quarter last year and also due to mark-to-market losses to the extent of Rs 55 crore recorded in first quarter of 2012-13 fiscal.

Glenmark's consolidated revenue stood at Rs 1,040.40 crore for the first quarter ended June 30, while the same stood at Rs 868.25 crore during the same period of previous fiscal.

"Both our generics and speciality business registered good growth. The US business did exceptionally well recording a growth in excess of 55 per cent on the back of product launches in niche competition categories; while the India business performed well and gained market share in focus segments," Glenmark Pharmaceuticals CMD Glenn Saldanha said.

During the quarter, the company's sales from Indian formulation business stood at Rs 279.78 crore. It had posted sales of Rs 225.38 crore in the first quarter of 2011-12 fiscal.

Glenmark Generics Inc, posted revenues of Rs 392.35 crore for the first quarter ended June 30, 2012. It stood at Rs 251.15 crore during the same period of previous fiscal.

Shares of Glenmark today closed at Rs 387.60 on the BSE, up 0.36 per cent from its previous close. PTI MSS YB ns YB 08021747  NNNN