Glenmark Pharmaceuticals, a research-led, global, fully integrated pharmaceutical company, posted excellent financial performance during the second quarter and first half of 2006-07. The company's standalone net profit has taken a quantum jump of 131.4 per cent to Rs 32.05 crore from Rs 13.85 crore in the corresponding quarter of last year. Its net sales also increased smartly by 56.3 per cent to Rs 196.35 crore from Rs 125.59 crore. The significant jump in profit assisted its EPS to reach at Rs 2.67 as against Rs 1.13 in the last period.
Glenn Saldanha, managing director and CEO, said, " Our performance in Q2 ha effectively demonstrated our commitment to grow our branded generics and generics business globally. The Merck KgaA deal for GRC 8200 has further reinforced Glenmark's commitment and competency in the arena of new drug discovery."
Glenmark's US business earned revenues off Rs 33.80 crore, registering an exponential growth of over 460 per cent over the second quarter of the previous year. The company's Latin American operations, comprising Glenmark Pharmaceutical Ltd and Servycal SA, posted revenues of Rs 26.83 crore, reflecting an increased of 163 per cent. Exports of branded formulations brought in revenue of Rs 52.51 crore, and a growth of 81.5 per cent over the last year. Revenues from the Indian formulations segment registered an increased of 32.2 per cent to Rs 110.83 crore. The company's API business for the quarter registered a growth in revenues by 23 per cent to Rs 31.72 crore.
The company's standalone net profit for the first half ended September 2006 increased by 68.7 per cent to Rs 42.07 crore from Rs 24.94 crore in the similar period of last year. Its net sales for the first half moved up by 39 per cent to Rs 325.98 crore from Rs 234.52 crore in the last period. The raw material cost increased by 82.8 per cent to Rs 125.133 crore and staff cost went up 28.4 per cent to Rs 45.87 crore. The company's interest burden shoot up by 208 per cent to Rs 8.20 crore during the first half.
The company's consolidated net profit for the first half of 2006-07 reached at Rs 58.87 crore and it recorded consolidated net sales of Rs 429.88 crore.