Glenmark Q3 profit jumps 48% to Rs 170 cr

Glenmark Pharmaceuticals today reported 48.38 per cent rise in consolidated net profit at Rs 170.3 crore for the third quarter ended December 31, on the back of robust sales in the US and domestic markets.
The Mumbai-based company had posted a net profit of Rs 114.77 crore during the same period of the previous fiscal.
Net sales of the company rose to Rs 1,778.29 crore during the third quarter compared with Rs 1,701.30 crore a year ago, Glenmark Pharma said in a statement.
"We have recorded good overall growth in the quarter powered by our India and US businesses. The devaluation of currencies across emerging markets continues to impact our operations; although we have registered good growth in local currencies in our key emerging markets," Glenmark Pharma Chairman and Managing Director Glenn Saldanha said.

Going ahead, the company expects India, US and Europe businesses to continue to drive growth, he added.
During the third quarter, sales of formulation business in India stood at Rs 488.03 crore compared with Rs 433.07 crore in the previous corresponding quarter, recording a growth of 12.69 per cent.

The company said US business posted revenue of Rs 608.86 crore from the sale of finished dosage formulations during the third quarter as against revenue of Rs 507.2 crore during the same period of previous fiscal, registering an increase of 20.04 per cent.
For the third quarter, the company's revenue from Africa, Asia and CIS region stood at Rs 236.33 crore as against Rs 207.14 crore during the same period of previous fiscal.

The company said revenue from Latin American and Caribbean operations stood at Rs 123.72 crore for the third quarter compared with Rs 234.44 crore in the same period of previous fiscal.
Shares of Glenmark today ended 2.23 per cent up at Rs 754 on BSE.