Glenmark Pharmaceuticals notched up impressive performance during the third quarter ended December 2005 with significant growth in top line as well as bottom line. Its net income increased by 26.4 per cent to Rs 178.09 crore from Rs 138.48 crore and net profit went up sharply by 42.7 per cent to Rs 17.30 crore from Rs 12.12 crore in the corresponding third quarter of 2004-05.

Revenues from the India formulations business grew by 36.9 per cent to Rs 104.28 crore as compared to Rs 76.18 crore in the third quarter of FY2005. The retail demand for the company's products showed an increase of 9.6 per cent vis-à-vis the industry growth of 8.2 per cent. The export business (formulations and APIs) generated revenues of Rs 53.88 crore, reflecting a growth of 18.7 per cent compared to the same period last year. The domestic API and co-marketing segment generated revenues of Rs 16.93 crore, a marginal growth of 0.06 per cent over the same quarter in the previous year.

Glenn Saldanha, managing director and CEO, Glenmark, said, "Our performance in the third quarter justifies the confidence we have in our ability to deliver on our guidance on revenue and profit for the financial year 2005-06."

Glenmark is engaged in cutting-edge research in discovering new molecules and runs discovery projects in the areas of inflammation and metabolic disorders.