Glenmark Pharma Q1 net up 47% at Rs 333 cr on sales growth

Anti diabetes and cardiac drug sales helped beat GST-led slowdown

Glenmark posted 47 per cent increase in consolidated net profit in Q1 FY 18 on the back of growth in sales in domestic and US markets. Net profit for the period was Rs 333 crore as against Rs 226 crore for the same period last year.

Overall revenue rose around 20 per cent to Rs 2,363 crore led by growth in US and domestic market sales. While other companies have seen their domestic sales fall due to good and service tax related de-stocking in June, Glenmark reported 15 per cent growth in its India sales.

Glenmark had seen a modest 6.8 per cent growth in domestic sales in January-March quarter. Growth was strong in April-May with some of the sales from preceding quarter materialising in the two months. Glenmark also has a strong portfolio of cardiac and anti diabetes drugs which were relatively less impacted due to destocking in June.

The domestic and US business accounts for around 70 per cent of its consolidated revenue. The US sales have been boosted due to a generic version of anti cholesterol drug Zetia for which it had six months sale exclusivity.

"Despite the challenges in India and US markets the performance of these businesses have been good. In India, we continue to be one of the fastest growing companies in the pharma market. In the US after a steady stream of product approvals in the first quarter the base business has rebounded well," said Glenmark chairman Glenn Saldanha.