Shares of Glenmark Pharmaceuticals were up 3% at Rs 524 after the company reported growth in its speciality and generic business despite a challenging business environment.
The generics business of Glenmark grew by 25% at Rs 737 crore as against Rs 591 crore while specialty formulation business excluding out-licensing revenue was at Rs 864 crore as against Rs 740 crore, recording a growth of 17%.
“Despite challenges in the operating environment, we have registered good growth in both our speciality and generics businesses across the globe,"said Glenn Saldanha, Chairman & MD – Glenmark.
The company posted a net profit of Rs 216 crore against a PAT of Rs 212 crore for the previous corresponding quarter. According to the company, net profit for the quarter is not comparable due to out-licensing income of Rs 49 crore received in Q3 FY 2012-13.
For the third quarter ended Dec 31, 2013, Glenmark’s consolidated revenue was at Rs 1,601 crore ($259.5 mn) as against Rs 1,381 crore ($254.4 mn), an increase of 16%.
