Glenmark Q1 net jumps over two-fold, revenue up marginally at Rs 2,344.8 cr

Glenmark Pharmaceuticals on Friday posted an over two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June.

The company had reported a net profit of Rs 109.28 crore for the April-June period of 2019-20.

Consolidated revenue stood at Rs 2,344.78 crore for the first quarter, as compared to Rs 2,322.87 crore in the year-ago period, Glenmark Pharmaceuticals said in a regulatory filing.

"It has been a challenging quarter across all markets due to the ongoing pandemic. Despite the difficult operating environment, we managed to record sales growth for the organisation.

"We focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year," Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.

The company was the first entity in the country to launch Favipiravir for the treatment of mild to moderate Covid-19, he noted.

"Today thanks to Glenmark's clinical trials, many other companies could also launch this molecule, thereby reducing cost of treatment. Our fight against Covid-19 will continue and we will continue to innovate in this space to explore other promising treatment options," Saldanha said.

The company's formulation sales in the domestic market during the first quarter rose to Rs 779.89 crore from Rs 752.21 crore in the same period of previous fiscal, up 3.68 per cent.

Further, US-based Glenmark Pharmaceuticals Inc reported revenue ofRs 742.64 crore for the first quarter as against Rs 730.89 crore in the year-ago period.