Glenmark Pharmaceuticals today posted consolidated net profit of Rs 43.41 crore for the fourth quarter ended March 31, 2014.
The company had posted 175.12 crore in the same quarter of the previous fiscal, 2012-13.
"The net profit is not comparable due to exceptional item of Rs 217.53 crore on account of the provision made by Glenmark Generics Inc, USA towards the claims (including incidental expenses) of Abbott Laboratories in the patent litigation in respect of 'Tarka'," Glenmark Pharmaceuticals Ltd said in a statement.
After adjusting for exceptional item and apportioning tax on PBT, the net profit is Rs 215.3 crore for the fourth quarter as compared to Rs 175.1 crore, an increase of 22.94 per cent over the same period of previous fiscal, it added.
Consolidated net sales of the company rose to Rs 1,681.74 crore for the fourth quarter, as against Rs 1,335.48 crore in the same period of previous fiscal, Glenmark Pharma said in a statement.
For the the year ended March 31, 2014, the company posted consolidated net profit of Rs 545.6 crore, while it was Rs 628.29 crore in 2012-13.
Consolidated net sales of the company for the year rose to Rs 5,983.85 crore, as against Rs 5,012.34 crore in the 2012-13 fiscal.
"We have reported another year of strong growth fuelled by good performance across our key markets like the US, India and Europe; including our API business," Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.
In fact, the company has consistently grown its topline by over 20 per cent year on year for the past three years, he added.
The company's board, which met today, recommended a final dividend of 200 per cent -- Rs 2 per equity share of the face value of Re 1 each, for FY 2014.
Glenmark scrip closed at Rs 593.40, down 1.76 per cent, on the BSE.
