Glenmark posts Q4 net loss at Rs 403 cr on one-time exceptional charge

Glenmark Pharmaceuticals on Friday reported a consolidated net loss of Rs 403 crore for the March 2023 quarter due to an exceptional charge of Rs 800 crore on account of the settlement of litigation related to a generic product in the US.

The Mumbai-based drug maker had reported a net profit of Rs 172 crore for the January-March quarter of 2021-22.

The company's consolidated revenue for the fourth quarter stood at Rs 3,374 crore compared to Rs 3,019 crore in the year-ago period, Glenmark Pharmaceuticals said in a regulatory filing.

The net profit for FY23 stood at Rs 377 crore against Rs 994 crore in FY22.

Its consolidated net revenues stood at Rs 12,990 crore in 2022-23 against Rs 12,305 crore in 2021-22.

The profit for FY 2022-23 was lower primarily on account of the settlement of the litigation related to generic Zetia in the US, the drug maker said.

"We delivered yet another year of robust performance, despite the challenging global macro-economic environment. Our India business recorded double-digit growth in secondary sales.

"The North America business showed strong recovery, and the EU and RoW (Rest of World) markets did phenomenally well," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.

The company looks forward to continuing this momentum in the coming year with double-digit revenue growth and significant improvement in EBITDA margins, he added.

The company said its board recommended a dividend of Rs 2.5 per share of Re 1 each for the financial year 2022-23.

Shares of the company ended 3.5 per cent up at Rs 624.20 apiece on the BSE.