Glenmark Pharmaceuticals, a Rs 2100 crore pharma major, has shown higher consolidated net profit during the third quarter ended December 2009 mainly on account of lower taxation during the period under review. Its net profit moved up by 15.5 per cent to Rs 94.07 crore from Rs 81.43 crore in the corresponding period of last year. It provided Rs 4.39 crore for taxation as against Rs 53.48 crore (including prior period tax) in the last period. Its earnings before depreciation, interest, taxation and adjustments (EBDITA) declined by 13.5 percent per cent to Rs 171.56 crore from Rs 198.29 crore. Its profit before taxation went down by 27 per cent to Rs 98.46 crore from Rs 134.91 crore.
The company's consolidated net sales increased by 10.4 per cent to Rs 641.68 crore during the third quarter of 2009-10 from Rs 581.39 crore. Revenue from generics business improved marginally to Rs 280.44 crore from Rs 278.23 crore. Glenmark's revenues from speciality formulation business including out-licensing revenue improved 19.2 per cent to Rs 361.24 crore from Rs 303.16 crore. The company outlicensed a speciality pharmaceutical product to Medicis Pharmaceuticals USA for the North America region and received upfront payment of US$ 5 million.
Glenn Saldanha, managing director and CEO, said, “The economic environment across regions have improved as compared to the previous quarter. Most operating regions have recorded impressive sales growth for the quarter.”
Sales for the formulation business in India increased to Rs 184.27 crore from Rs 156.84 crore, representing a growth of 17 per cent. Its revenues from Africa, Asia and CIS region was Rs 90.58 crore as against Rs 83.34 crore. Its sales of generic in US declined by 10 per cent to Rs 188.65 crore from Rs 210.41 crore and that in Latin America declined by 31 per cent to Rs 7.60 crore from Rs 11.04 crore. However, generic sales in Europe and went up by 61 per cent to Rs 6.62 crore. Its API revenues increased by 47 per cent to Rs 77.58 crore from Rs 52.67 crore in the similar period of last year.
For the first nine months ended December 2009, Glenmark's consolidated revenues increased by 10.9 per cent to Rs 1775.70 crore from Rs 1601.93 crore. However, its net profit declined by 27.3 per cent to Rs 228.41 crore from Rs 314.17 crore in the corresponding period of last year. Its EBDITA also went down by 14.2 per cent to Rs 483.04 crore from Rs 562.87 crore. Its revenues from generic business improved to Rs 776.73 crore from Rs 763.86 crore and speciality formulation business including outlicensing revenue improved by 19 per cent to Rs 998.97 crore from Rs 838.07 crore.