Glenmark Pharmaceuticals' Q1 net profit up 24% at Rs 227 crore

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Glenmark Pharmaceuticals on Friday reported a 23.96% rise in consolidated net profit to Rs 226.78 crore for the first quarter ended June 30, 2016, mainly on account of robust sales.

The company had reported a net profit after tax, minority interest and share of profit of associates of Rs 182.94 crore for the corresponding period of the previous fiscal, Glenmark Pharmaceuticals said in a BSE filing.

Consolidated total income from operations of the company also rose to Rs 1,943.05 crore as against Rs 1,647.74 crore for the year-ago period.

Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said: "In the first quarter of this financial year, nearly all our businesses have rebounded strongly and we have seen good growth across all operating regions except Latam."

The US business continues to perform well and the recent approvals for the business will ensure that the growth momentum continues, he added.

About other markets, Saldanha said: "The Europe business performed well due to strong growth witnessed by the UK subsidiary. The ROW region also rebounded strongly due to a solid performance by the Russian business."

Sales for the formulation business in India for the first quarter were at Rs 513.76 crore as against Rs 465.42 crore in the corresponding quarter last fiscal, Glenmark said.

Glenmark Pharmaceuticals Inc USA registered revenue from the sale of finished dosage formulations at Rs 698.18 crore for the quarter as against Rs 561.04 crore during the same quarter a year ago, it added.

The company has been granted approval for five products - two final approval and three tentative during the first quarter, Glenmark said.

It has a pipeline of 7 molecules - two NCEs and five NBEs molecules in clinical trials or ready to enter clinical trials soon, it added.

Shares of Glenmark Pharmaceuticals were trading 2.14% up at Rs 853 on BSE.