Glenmark Pharmaceuticals has registered satisfactory financial performance during the second quarter ended September 2015 and its consolidated net profit has taken a jump of 19.8 per cent to Rs.198 crore from Rs.165 crore in the similar period of last year and EBIDTA improved by 19.6 per cent to Rs.402 crore. Its consolidated net sales moved up by 13.3 per cent to Rs.1,898 crore from Rs.1,672 crore. With improvement in profits, EPS moved up to Rs.7.01 from Rs.6.09 in the last period.
Glenn Saldanha, chairman and MD, said, “We have recorded good overall growth in the quarter powered by our India, US and Europe businesses. The devaluation of currencies across emerging market; especially in countries like Brazil and Russia had an adverse effect on our operations. Going ahead, we expect our India, US and Europe businesses to continue to drive growth or our company.”
The company's formulation sales in India grew by 27.3 per cent to Rs.609 crore from Rs.478 crore and that in US increased by 17.9 per cent to Rs.598 crore from Rs.508 crore. Similarly, its sales in Africa, Asia and CIS region went up by 21.2 per cent to Rs.211 crore from Rs.174 crore despite challenging environment in Russia. European sales improved by 22.8 per cent to Rs.160 crore from Rs.131 crore and its sales in Latin American and Caribbean increased by 28.2 per cent to Rs.160 crore from Rs.131 crore. Its APIs sales to regulated and semi-regulated markets globally reached at Rs.166 crore as against Rs.160 crore in the previous period.
The company received final approval for two products viz., Drospirenone and Ethinyl Estradiol tablets USP 3 mg/0.02 mg and voriconazole tablets, 50 mg and 200 mg. As of September 30, 2015, Glenmark's portfolio consists of 102 generic products authorized for distribution in the US market. It has 64 applications pending in various stages of the approval process with the US FDA. The company has a pipeline of 3 NCE and 4 NBE molecules in clinical trials or ready to enter clinical trials soon, including the in-licensed molecule “Crofelemer”.
For the first half ended September 2015, Glenmark's consolidated net sales increased by 12.4 per cent to Rs.3,538 crore from Rs.3,149 crore in the similar period of last year. Its net profit moved up by 11.1 per cent to Rs.390 crore from Rs.350 crore. Its EPS worked out to Rs.13.92 as against Rs.12.90 in the last period.