Glenmark Pharmaceuticals' Q1 net profit drops 31% to Rs 211.1 crore

Mumbai-headquartered Glenmark Pharmaceuticals posted a 31 per cent decline in net profit for the first quarter of the financial year to Rs 211.1 crore, as the consolidated revenues dipped from Rs 2,965 crore in the previous corresponding quarter to Rs 2,777.3 crore in Q1FY23. The results were declared after market hours.

The revenues dipped by 6.3 per cent  year-on-year (YoY), but the company said that when viewed without taking into account the global sales of Covid-related products in the first quarter of FY 2021-22, the base business showed a YoY growth of 10.4 per cent in the current fiscal.

Adjusted Ebidta was Rs 4,72.6 crore in the quarter ended June 30, 2022 as against Rs 5,73.6 crore in the previous corresponding quarter, with margins of 17 per cent. “Reported Ebidta was Rs 431.6 crore in the quarter ended June 30, 2022, with margins of 15.5 per cent,” the company said in  a statement.