Glenmark Pharmaceuticals Ltd registered a 46 per cent growth in net profit at Rs.33.19 crore on an operating income of Rs.303.17 crore for the year ended March 31, 2003.The net operating income also grew by 26 per cent from Rs.240.18 crore recorded in the previous fiscal.

The last quarter of fiscal 2002-03, the company reported a turnover of Rs.99.93 crore and a net profit of Rs.9.31 crore.

Speaking on the occasion of announcement of the results, Glenn Saldanha, managing director and CEO of the company said, “We are confident that the new products launched during the last quarter will contribute significantly to the company's topline. The molecules manufactured during the last quarter hold immense potential. While we are pleased with the growth in international business, entry into new markets (Africa) will further boost our presence in the overseas market.”

The company's domestic branded formulation business, in the last quarter, has increased to Rs.91.51 crore, which is a 29 per cent improvement over the previous year's figures. Valus-P and Vorth-P—the two new Valdecoxib brand extensions have been one of the most successful product launches in the pharmaceutical industry. The products that were launched during the last quarter include Stiloz, Momate-S and Glimulin-MF in the internal medicine, dermatology and anti-diabetic categories respectively.

With the entry into the newer African markets during the last quarter, the export of Glenmark branded formulations registered a 22 per cent growth at Rs.9.96 crore. The recently set up wholly owned subsidiary-Glenmark Pharmaceuticals Inc. USA is expected to help the company to make its presence felt in the US market for its formulations and API business.

Revenues from API and co- marketing business stood at Rs.7.82 crore during the last January-March period of the year as against Rs.14.90 crore in the corresponding quarter of the previous year. The decline is attributed to VAT uncertainty during that period. However overall revenue from the same business for the year ended March 31, 2003 has risen by 92 per cent to Rs.28.61 crore over the previous year's Rs.14.91 crore.

The bulk drug manufacturing facility at Ankleshwar, bought from Glaxo SmithKline Pharmaceuticals for Rs.14 crore in the last fiscal, is getting ready as per US FDA norms. The inspection is expected in 2004.

The new molecules manufactured by Glenmark during the last quarter, Cilastazol, Levocetrizine and Parecoxib has shown promising prospects. Its compounds GRC-3015 and GRC-1087 is continuing to progress. Phase I clinical studies will be soon initiated in Europe and the company is in the process of identifying CROs to take these compounds forward.