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Glenmark net profit surges by 64% in Q1 to Rs. 129 cr

Our Bureau, MumbaiThursday, August 1, 2013, 17:15 Hrs  [IST]

Glenmark Pharmaceuticals, a Rs.5,000 crore plus pharma giant from Mumbai, has registered strong performance during the first quarter ended June 2013. Its consolidated net profit has taken a quantum jump of 64.4 per cent and touched to Rs.128.68 crore from Rs.78.28 crore in the corresponding period of last year. Its EBDITA also jumped by almost 50 per cent to Rs.251 crore from Rs.168 crore. Its consolidated net sales increased by 19 per cent to Rs.1,238 crore from Rs.1,040 crore. With strong growth in profits, its earnings per share moved up to Rs.4.75 from Rs.2.89 in the last period.  

Glenmark's generics business was at Rs.624 crore as against Rs.530 crore, a growth of 17.8 per cent. The specialty formulation business excluding out-licensing revenue was at Rs.607 crore as compared to Rs.505 crore in the same period of last year.

Glenn Saldanha, chairman and managing director, said, “We have recorded good growth in both our generics and specialty formulations businesses across key geographies. We continue to do well in markets like India, US and Russia despite challenges in the operating environment. We have been also making steady progress on the innovation R&D front with our 5 NCE & NBE molecules in clinical trials.”

The company's sales o formulation business in India increased by 17.4 per cent to Rs.329 crore as compared to Rs.280 crore. Revenue from Africa, Asia and CIS region improved by 25 per cent to Rs.169 crore from Rs.135 crore. Its revenue from Latin American and Caribbean operations moved by 33.5 per cent to Rs.84 crore from Rs.63 crore.

Glenmark Generic Inc, a US based subsidiary, has registered growth of 14 per cent to Rs.447 crore as against Rs.392 crore in the similar quarter of last year. Its sales of API to regulated and semi-regulated markets globally improved by 26.5 per cent to Rs.127 crore from Rs.100 crore.

Glenmark has a significant presence in branded generics markets across emerging economies including India. The company and its subsidiary has 14 manufacturing facilities in four countries and has six R&D centers.

 
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