Glenmark net dips 4.5%, revenue flat in Q2

Glenmark Pharmaceuticals Ltd on Thursday reported Rs 214 crore consolidated net profit for the second quarter of fiscal 2017-18, posting 4.5 per cent annual decline from Rs 224 crore in the same period last year.

In a regulatory filing on the BSE, the city-based drug maker said consolidated revenue for the quarter under review was flat (1.5 per cent) at Rs 2,257 crore as against Rs 2,224 crore in the like period last year.

Sequentially, consolidated net profit in Q2 declined 36 per cent from Rs 333 crore in the last quarter and consolidated revenue dipped 2.4 percent in Q2 from Rs 2,313 crore in the last quarter.

On standalone basis, net profit for Q2 at Rs 328 crore was 41 per cent lower than Rs 556 crore in the like period last year but increased 21 per cent sequentially from Rs 271 crore in the last quarter.

Similarly, standalone revenue for Q2 at Rs 1,660 crore was 24 per cent lower than Rs 2,171 crore in the same period last year but up 7.2 per cent sequentially from Rs 1,548 crore.

"The overall performance was driven by our India, Europe & API business. Despite challenges in the market, India business recorded single digit growth. The Europe business performed well during the quarter due to a strong performance by the Western European region", said Glenmark Chairman Glenn Saldanha in a statement here.

The blue-chip company's scrip of Re 1 face value, however, gained Rs 27.30 per share on the BSE when trading ended for the day at Rs 648.55 from Wednesday's closing price Rs 621.25 and opening rate Rs 634.

--IANS

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