Glenmark Q2 jumps 101% at Rs 28.94 cr

BS 200 SCORECARD

Glenmark Pharmaceuticals has clocked a net profit of Rs 28.94 crore for the second quarter ended 30 September, up 101 per cent, compared with Rs 14.39 crore in the corresponding quarter of the previous fiscal. Net sales during the quarter increased by 51.77 per cent to Rs 160.25 crore (Rs 105.6 crore).

During the quarter, the drug maker received an upfront payment of $10 million (around Rs 45 crore), as a part of its collaboration agreement with Ireland-based Forest Laboratories for its asthma molecule.

Revenues from domestic formulations segment grew 5.7 per cent in the quarter to Rs 83.31 crore. The domestic API and co-marketing businesses jumped 71.08 per cent to Rs 22.72 crore.

Export revenue (excluding Brazil) grew by 301.93 per cent to Rs 54.22 crore. During the quarter, Glenmark's Brazilian acquisition Klinger Laboratories has yielded a revenue of Rs 4.85 crore with a profit of Rs 0.47 crore, the company said in a media release.

The company has quoted diluted earnings per share of Rs 4.84 for the quarter as against Rs 2.76 for the corresponding quarter in the last year. For the half-year ended September 30, 2004, the company has posted a net profit of Rs 38.72 crore, 112 per cent up from Rs 18.27 crore in the corresponding period of the last year.

Revenues were up 58.15 per cent to Rs 258.83 from Rs 163.66 crore. The stock slipped 1.76 per cent today to close at Rs 298.40 as compared to its previous close of Rs 303.75 on the Bombay Stock Exchange.