Glenmark Pharma gains after Q4 PAT rises 36% to Rs 220.31 cr

Glenmark Pharmaceuticals rose 1.95% to Rs 475.95 after consolidated net profit surged 36.3% to Rs 220.31 crore on 7.3% rise in net sales to Rs 2,711.27 crore in Q4 March 2020 over Q4 March 2019.

Consolidated profit before tax (PBT) soared 32.3% to Rs 317.96 crore in Q4 March 2020 as against Rs 240.31 crore in Q4 March 2019. Current tax expense fell 2.3% to Rs 85.41 crore in Q4 March 2020 as against Rs 87.43 crore in Q4 March 2019. The Q4 result was declared after market hours on Friday, 26 June 2020.

Consolidated EBITDA soared 27.89% to Rs 465.68 crore in the quarter ended 31 March 2020 as against Rs 364.13 crore in the corresponding quarter last year. In its Active Pharmaceutical Ingredients (API) business, for the fourth quarter of FY 2019-20, external sales for Glenmark Life Sciences was at Rs 261.37 crore as against Rs 248.77 crore, registering a growth of 5.07% Y-o-Y over the corresponding period last year.

India business grew 14.52% Y-o-Y (year-on-year) to Rs 764.75 crore in Q4 FY20. Europe business jumped 29.26% Y-o-Y to Rs 411.56 crore. Latin America business surged 46.9% Y-o-Y to Rs 176.87 crore. North America business recorded 1% Y-o-Y fall to Rs 761.90 crore.

Commenting on the Q4 performance, Glenn Saldanha, the chairman and managing director (MD) of Glenmark Pharmaceuticals, has said that: "Our growth momentum sustained in the Fourth Quarter despite the COVID-19 pandemic and challenging generic business environment across markets globally. Our India, Europe and Latin America regions performed well during the Quarter. Our sustained performance has been due to the continuous efforts of all our employees around the world. Our manufacturing facilities have operated continuously and facilitated the uninterrupted supply of medicines to operating markets."

The board has recommended a dividend of Rs 2.50 per share on the equity share capital of the company for the FY 2019-20.

Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across generics, specialty and over-the-counter (OTC) business with operations in over 50 countries. Glenmark's key therapy focus areas globally are respiratory, dermatology and oncology.

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