Glenmark Q3 net up over two-fold to Rs 477 cr

Drug firm Glenmark Pharmaceuticals today reported an over two-fold jump in its consolidated net profit to Rs 477.03 crore for the December quarter, mainly on account of robust sales in the US market.
The company had posted a net profit after tax, minority interest and share of profit of associates of Rs 196.17 crore for the corresponding period of the previous fiscal, Glenmark Pharmaceuticals said in a filing to BSE.
Consolidated total income from operations also rose to Rs 2,535 crore for the quarter under consideration as against Rs 1,778.29 crore for the same period a year ago.
Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said: "The overall growth for the organisation has been bolstered due to the strong performance by our US formulation business. It was further aided by the good performance from our API business too. In India, considering the overall demand environment, the business still managed to record sales growth."

During the quarter, the company announced its strategic blueprint for the next decade where the organisation's focus will be directed to three therapeutic areas, namely oncology, respiratory and dermatology, he added.
"Glenmark Pharmaceuticals Inc US registered revenue from the sale of finished dosage formulations was at Rs 1,230.82 crore for the quarter ended December 31, 2016 against revenue of Rs 608.86 crore for the previous corresponding quarter, recording an increase of 102.15 per cent," Glenmark said.
Shares of Glenmark Pharmaceuticals today closed at Rs 907.95 per scrip on BSE, up 0.98 per cent from its previous close.