Glenmark Pharma net declines 38% to Rs 255.54 cr in September quarter

Drug firm Glenmark Pharmaceuticals Ltd on Thursday reported a consolidated net profit to Rs 255.54 crore for the second quarter ended on September, 2019.

The company had posted a net profit of Rs 414 crore in the July-September quarter a year ago, Glenmark Pharmaceuticals said in a BSE filing.

Net sales of the company stood at Rs 2,763.73 crore, up 8.81 per cent, during the period under review as against Rs 2,539.85 crore of the corresponding quarter previous fiscal.

" The net profit is not comparable to the previous corresponding quarter on account of an exceptional income of Rs 167.18 crore recorded in the second quarter of the previous financial year," a company statement said.

Commenting on the results Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said," We have rebounded strongly in the second quarter with most of our businesses recording good growth. The India business has continued to witness strong growth while the US sales have grown quarter over quarter sequentially. The Latam business has also recovered well in the second quarter.

Glenmark's total expenses was at Rs 2,548.56 crore during the period as against Rs 2,308.80 crore, up 10.38 per cent.

Revenue from the domestic market was at Rs 896.35 crore, up 15.16 per cent, as compared with Rs 778.35 crore of the corresponding period.

While US market revenue in July-September quarter was at Rs 847.82 crore, up 4.64 per cent, over Rs 810.24 crore of the corresponding period.

Revenue from Europe was at Rs 285.09 crore, up 9.32 per cent, as against Rs 260.77 crore.

Shares of Glenmark Pharmaceuticals Ltd on Thursday settled at Rs 282.30 apiece on the BSE, up 2.67 per cent from previous close.