Glenmark Pharma Q1 consolidated net profit up 21% at Rs 306 crore

Glenmark Pharmaceuticals on Friday said its consolidated profit after tax (PAT) increased by 21 per cent to Rs 306 crore for the first quarter ended June 30.

The Mumbai-based drug major had reported a PAT of Rs 254 crore in the April-June quarter of the 2020-21 fiscal.

The company's consolidated revenue rose to Rs 2,965 crore from Rs 2,345 crore in the Q1 of last fiscal.

"It was a landmark quarter for the company with positive momentum in all our key markets. Our commitment towards the fight against COVID-19 was reflected in FabiFlu becoming the number one brand in the India pharma market in April.

"We launched our first nebuliser, Arformoterol Inhalation solution from Monroe, US," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said in a statement.

The company has a strategic roadmap to grow consistently and profitably over the year, he added.

"We have a clear plan in place to reduce debt by enhancing free cash, prioritising over R&D investments and capital expenditure going forward," Saldanha noted.