Glenmark Pharmaceuticals today said its consolidated net profit rose by 23.19% to Rs 210.10 crore for the quarter ended June 30, on the back of a strong performance in both speciality formulations and generic businesses.
The company had posted a net profit of Rs 170.54 crore in the same quarter of last fiscal, Glenmark said in a filing to the Bombay stock Exchange (BSE).
The company's net sales for the quarter under review, rose to Rs 868.25 crore from Rs 681.77 crore in the year-ago period.
"The India, US and Latam business recorded strong growth for the quarter aided primarily by new products launched in the previous year," the company's Chairman & MD Glenn Saldanha said.
"Both the generics and speciality business recorded very good growth for the quarter. Our drug discovery programme has also gained significant momentum during the quarter," he added.
The speciality business revenues of the company in India rose to Rs 225.38 crore for the quarter as compared to Rs 187.75 crore.
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The company's revenues for the rest of the world (ROW) markets for the first quarter also increased significantly to Rs 104.67 crore over Rs 73.33 crore.
Latin America revenues continued to grow to Rs 59.19 crore for the quarter ended June 30, over Rs 36.61 crore for the same quarter last fiscal. The company's revenues also grew moderately in Europe.