US sale pushes Glenmark's Q2 PAT up 100%

Glenmark Pharmaceuticals Limited, Mumbai-based pharma major, posted a 100% growth in its net profit for the second quarter ended September 30, 2012, on higher generic drug sales in the US and domestic market. Net profit for the quarter was Rs 157 crore as compared to Rs 78 crore for the previous quarter.

On Tuesday, shares of Glenmark went up by .08% to close at Rs 395.5 on BSE.

The US subsidiary - Glenmark Generics Inc. registered sales of Rs 431 crore for the quarter against Rs 300 crore, an increase of 44%. Glenmark's EU formulations business posted revenues of Rs 38 crore against revenue of Rs 18 crore, a growth of 110%. Sales for the formulation business in India was Rs 344 crore as compared to Rs 254 crore, a growth of 36%.

Revenue from the generics business was at Rs 578 crore, as against Rs 399 crore, a growth of 45%.

"We continue on our high growth trajectory with both the generics and specialty business registering good growth across geographies. The growth from markets particularly the US, India and Russia have been particularly exceptional," said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals.

Revenue from Africa, Asia and CIS region was Rs 194 crore as against Rs 148 crore, recording an increase of 31%.