Glenmark Q4 net profit surges 13-fold to Rs 143 cr

Glenmark Pharmaceuticals today reported over 13-fold jump in consolidated net profit to Rs 143.04 crore for the March quarter on the back of robust sales across all markets including the US, Europe and India.
The Mumbai-based firm had posted a net profit of Rs 10.61 crore during the January-March period of 2014-15 fiscal.
Consolidated revenue of the company rose to Rs 2,306.67 crore in the January-March period of the 2015-16 fiscal as against Rs 1,775.81 crore in the same period of previous fiscal, Glenmark Pharmaceuticals said in a regulatory filing.
"We have rebounded strongly in the fourth quarter with growth across all markets. The India and the US business continue to grow in excess of 20 per cent.

"The rest of the world and API business has also recorded strong growth after a relatively weak performance in the first three quarters," Glenmark Pharmaceuticals CMD Glenn Saldanha said.
The company received 24 approvals from the USFDA in this fiscal which has been a record for the company, he added.

"We remain optimistic about the next financial year as businesses across markets have rebounded and we are gearing up for the launch of Ezetimibe (generic Zetia) where we have a 180 day exclusivity in the US market which will further add to our growth," Saldanha said.
For full fiscal, the company's net profit rose 47.7 per cent to Rs 701.9 crore as against Rs 475.24 crore in the corresponding fiscal.

Net sales increased to Rs 7,649.58 crore for the fiscal, compared with Rs 6,644.76 crore in 2014-15 fiscal.
In the same quarter, the company said its domestic formulation sales stood at Rs 539.77 crore as against Rs 440.57 crore in the previous corresponding quarter, recording a growth of 22.52 per cent.
In the US market, the company's revenue from the sale of finished dosage formulations stood at Rs 651.97 crore for the fourth quarter, up 21.56 per cent, compared with Rs 536.34 crore in the year-ago period.
Glenmark Europe's operations revenue stood at Rs 270.51 crore for the quarter under review, up 11.18 per cent, from Rs 243.30 crore in the same period a year ago.

The company's board, which met today, approved a final dividend of 200 per cent Rs 2 per equity share of the face value of Re 1 each year for 2015-16 fiscal.
Glenmark Pharmaceuticals shares today closed 0.12 per cent up at Rs 858.10 apiece on BSE.