Glenmark Q3 net dips 47 pc at Rs 114.77 cr

Glenmark Pharmaceuticals today reported a 46.92 per cent dip in its consolidated net profit at Rs 114.77 crore for the quarter ended December 31, 2014 mainly due to forex losses and increased expenses.
The company had posted a net profit after tax and minority interest of Rs 216.23 crore for the corresponding period of the previous fiscal.
Consolidated total income however rose to Rs 1,701.30 crore for the quarter under consideration as against Rs 1,601.75 crore for the same period year ago, Glenmark Pharmaceuticals said in a statement.
Glenmark Pharmaceuticals Chairman & MD Glenn Saldanha said: "The slowdown in product approvals and channel consolidation impacted our sales in the US, whereas the devaluation of currency and subdued business environment affected our Russia/CIS business."

The company's LatAm and Europe businesses performed well in the quarter. While it continued to outperform the Indian pharmaceutical market recording double digit growth, the LatAm business performed exceedingly well with our Mexico and Venezuela subsidiaries growing by over 200 per cent backed by good demand, he added.
Sales for the formulation business in India for the third quarter ended December 31, 2014, was at Rs 433.07 crore as against Rs 381.23 crore in the previous corresponding quarter.

The company's US arm Glenmark Generics Inc registered sales of finished dosage formulations of Rs 507.20 crore for the quarter under consideration as against revenue of Rs 521.36 crore for the same period year ago, it added.

Revenue from Africa, Asia and CIS region Africa, Asia and CIS Region (ROW) for the third quarter this fiscal was Rs 207.14 crore as against Rs 301.48 crore for the previous corresponding quarter, Glenmark said.
The company's European formulations operations generated revenue of Rs 172.95 crore for the quarter under consideration as against Rs 135.83 crore, it added.
Latin American and Caribbean operations of the company recorded an increase of 105.77 per cent for the quarter ended December 31, 2014 as it clocked revenues of Rs 234.44 crore as against Rs. 113.93 crore for the same period year ago.
Active Pharmaceutical Ingredients (API) sales to regulated and semi-regulated markets globally was Rs 146.49 crore for the quarter ended December 31, 2014 against Rs 147.90 crore for the previous corresponding quarter.

Shares of Glenmark Pharmaceuticals today closed at Rs 743.70 per scrip on BSE, down 0.50 per cent from its previous close.