Glenmark Pharmaceuticals Q2 net up 6.98% at Rs 165.07 crore

Glenmark Pharmaceuticals today posted a 6.98 per cent increase in its net profit at Rs 165.07 crore for the second quarter ended September 30, 2014.
The Mumbai-headquartered firm had posted a net profit of Rs 154.29 crore during the same period of the previous fiscal, Glenmark Pharmaceuticals said in a statement.
Glenmark's net sales rose by 14.25 per cent to Rs 1,671.53 crore during the second quarter as compared with Rs 1,463 crore in the same period of the last fiscal.
"Despite the challenging environment, we have performed well across geographies viz India, Europe and LatAm (Latin America). The environment continues to be tough especially in the US where product approvals have slowed down considerably and the channel consolidation has impacted overall sales," Glenmark Pharmaceuticals CMD Glenn Saldanha said.

During the quarter, the company's sales from Indian formulation business stood at Rs 478.15 crore, up 14.48 per cent, compared with Rs 417.68 crore in the year-ago period.
Glenmark Generics Inc, USA posted revenues of Rs 507.55 crore in Q2 FY15, a decline of 9.01 per cent as against Rs 557.86 crore in the corresponding period a year ago.

For the half year period ended September 30, the company posted a net profit of Rs 349.9 crore as against net profit of Rs 282.9 crore in the corresponding period last year.
Net sales of the company for the half-year period ended September 30 rose to Rs 3,149.35 crore as compared to Rs 2,700.88 crore in the same period of the previous fiscal.

Shares of Glenmark today closed at Rs 711.70 per scrip on the BSE, down 0.38 per cent from its previous close.