Glenmark Pharma posts net profit of Rs 109 cr in Q1 FY20, down 53 pc y-o-y

Glenmark Pharmaceuticals has reported a consolidated net profit of Rs 109 crore for the quarter ended June 30 as compared to Rs 232 crore in the previous corresponding quarter, registering a decrease of 53 per cent.

The company said that figures are not comparable as the last financial year included one-time forex gain of Rs 138 crore.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) excluding other income was Rs 342 crore in the April to June quarter as against Rs 347 crore in the previous corresponding quarter, marking a decline of 1.43 per cent.

However, Glenmark's consolidated revenue moved up 7.26 per cent to Rs 2,323 crore as against Rs 2,165 crore in the same period.

"Our first-quarter performance in key markets like India and Europe was impressive on account of new product launch and partnership deals," said Chairman and Managing Director Glenn Saldanha.

"However, the overall performance was impacted due to moderate performance in the United States and subdued performance in Latin America."

Saldanha said the company has a strong innovation pipeline of six assets in various stages of development in the areas of immunology, oncology and pain management.

"We will continue to steadily invest in the new innovation business with an objective of accelerating the pipeline towards commercialisation," he said in a statement.