Glenmark Pharma Q3 PAT soars 30% to Rs 248 cr

On a consolidated basis, the drug maker's net profit jumped 30.05% to Rs 248.17 crore on 1.87% increase in total revenue from operations at Rs 2,786.76 crore in Q3 December 2020 over Q3 December 2019.

Profit before tax (PBT) surged 28.41% to Rs 347.97 crore in Q3 December 2020 as against Rs 270.98 crore in Q3 December 2019. Current tax expense for the quarter soared 8.50% to Rs 121.24 crore as against Rs 111.74 crore in Q3 December 2019. The Q3 result was declared after market hours yesterday, 12 February 2021.

EBITDA stood at Rs 530.07 crore in the quarter ended 31 December 2020 as against Rs 440.07 crore in the previous corresponding quarter, an increase of 20.45% Y-o-Y (year-on-year).

Glenn Saldanha, the chairman and managing director (MD) of Glenmark Pharmaceuticals, has said that: "Our India business continued to grow at a healthy pace in the third quarter, consistently outperforming industry growth. The US business rebounded well and we expect the business to gradually build sales momentum. This quarter, the API business once again performed well and we expect this business to grow in the next few years. We also expect the European and the emerging markets business to gain traction in the coming few quarters."

Sales from the formulation business in India during Q3 FY21 stood at Rs 882.11 crore as against Rs 788.83 in the previous corresponding quarter, recording growth of 11.82% Y-o-Y. Europe business grew 1.42% to Rs 313.32 crore in Q3 FY21 over Q3 FY20. US business sales declined 2.43% to Rs 780.38 crore in Q3 FY21 from Q3 FY20. API business jumped 22.09% to 320.07 crore in Q3 FY21 over Q3 FY20.

The board of Glenmark Pharmaceuticals at its meeting held on 12 February 2021 approved opportunistic tenders or buybacks of any part of its Singapore listed foreign currency convertible bonds, being, its $200 million (as on date outstanding $ 113.50 million) 2% resettable onward starting equity linked securities due 28 June 2022 issued in 2016 by the company.

Shares of Glenmark Pharmaceuticals fell 0.37% to end at Rs 504.20 on BSE. 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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