Glenmark Pharmaceuticals' net profit up 23.5% in Q4

Glenmark Pharmaceuticals Ltd on Thursday reported a 23.5 per cent increase in its net profit to Rs 183.76 crore in the quarter ended March 31, 2017 as compared to Rs 148.79 crore in the corresponding period of the previous financial year.

Consolidated EBITDA grew by 46.26 per cent at Rs 4,43.84 crore as against Rs 303.45 crore in the year-ago quarter.

"Our quarter performance was mainly driven by our US formulations business. In addition, our India business also managed to record growth despite various challenging factors in the market," said company's Chairman and Managing Director Glenn Saldanha.

Sales for the formulation business in India for the fourth quarter ended March grew by 6.88 per cent to Rs 576.93 crore as against Rs 539.77 crore in the previous corresponding quarter, the company said.

The pharmaceuticals major reported Rs 1,000.44 crore revenue from the sale of finished dosage formulations in the US in the quarter under review, up by 53.45 per cent, from revenue of Rs 651.97 crore in the year-ago period.

"During the quarter, we made significant progress on our R&D pipeline especially the respiratory assets," he said.

In the fiscal year 2016-17, it was granted approval of 17 Abbreviated New Drug Applications (ANDA), comprising of 11 final approvals and 6 tentative approvals.

During the last four months, its Goa and Baddi manufacturing facility was inspected by the US Food and Drug Administration (FDA).

"The Baddi manufacturing facility at Himachal Pradesh did not receive any observations. The Goa manufacturing facility received 4 observations to which we have responded to the USFDA. At this point in time, we do not have any outstanding items with them regarding these plants," the company added.

--IANS

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