Glenmark Life Sciences Q1FY24 results: Net profit up 24.5% to Rs 135.4 cr

The company's revenue from operations rose 18.08% to Rs 578.4 crore from Rs 489.8 crore in the quarter that ended on June 30

Glenmark Life Sciences on Friday reported a 24.5 per cent jump in its net profit to Rs 135.4 crore in the quarter that ended on June 30 as compared to Rs 108.7 crore in the same period last year.

Its revenue from operations rose 18.08 per cent to Rs 578.4 crore from Rs 489.8 crore during the same period. The revenue was, however, lower than Rs 621.3 crore recorded in the quarter that ended on March 31.

The net profit in the June quarter was also lower than Rs 146.3 crore reported in the March quarter.

“Our performance in the quarter was driven by Generic API and the CDMO businesses. Geographically, US, Europe, ROW and India markets spearheaded this growth," said Yasir Rawjee, Managing Director & Chief Executive Officer of Glenmark Life Sciences.

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"We remain focused on our strategic priorities of building capacities as well as strengthening our product pipeline. This coupled with an improved demand environment and supply situation will act as catalyst for growth in the coming quarters," he added.

Earlier, Business Standard reported that Ahmedabad-based Nirma group and leading private equity firms joined the race to acquire Glenmark Life Sciences.

The acquisition by chemicals-to-cement major Nirma, if successful, would be a major boost for the healthcare segment of the group, on the lines of its successful entry into the cement sector following its purchase of Lafarge India’s assets for about Rs 9,400 crore in July 2016. It later followed up by buying Emami cement assets for Rs 5,500 crore in February 2020.

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