Glenmark Pharma down on lower Q2 net profit

Q2 net profit was marginally lower by 1.6% at Rs 154.2 crore

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Glenmark Pharmaceuticals was down 3% at Rs 545 after the company witnessed a marginal decline of 1.6% in its net profit at Rs 154.2 crore for the second quarter ended September 30, 2013, as compared to Rs 156.7  crore in the same period last year.

However, its consolidated revenue has increased by 17% to Rs 1,463 crore during the period.

Company's generics business registered sales growth of  22.5% at Rs 711 crore in Q2 while US generics business grew by 30% for the quarter. India formulations business also recorded a growth of 21%. On Thursday, shares of Glenmark closed at Rs 561.9, up by 1.63% on BSE.

“Despite challenges in the operating environment, we have managed to register decent sales growth of 17% on the back of good performances by our US and India businesses," said Glenn Saldanha, Chairman & MD – Glenmark.

Its revenue from Africa, Asia and CIS region declined to Rs 174 crore  from Rs 194 crore. Also, revenue from Latin American and Caribbean operations dipped marginally to Rs 97 crore from Rs 99 crore earlier.