Glenmark Q1 PAT up 64%

Net profit stands at Rs 128 crore as compared to Rs 78 crore for previous corresponding quarter

Glenmark Pharmaceuticals Limited has recorded a 64% growth in its net profit for the first quarter ended June 30, 2013, on back of solid growth in its specialty formulations and formulations business in India.

Net profit for the quarter stood at Rs 128 crore as compared to Rs 78 crore for the previous corresponding quarter.

Specialty formulations business grew by 20.37% to Rs 607 crore while India formulations business recorded a growth of 17.4% for the quarter. Revenue from the generics business was at Rs 624 crore, as against Rs 530 crore, a growth of 18%.

Glenmark has posted consolidated revenue of Rs 1,238 crore as against Rs 1,040 crore, an increase of 19%.

“We have recorded good growth in both our generics and specialty formulations businesses across key geographies,” said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Limited.

“We continue to do well in markets like India, US and Russia despite challenges in the operating environment. We have been also making steady progress on the Innovation R&D front with our 5 NCE & NBE molecules in clinical trials,” he added.

Glenmark Generics Inc., USA registered revenue from sale of finished dosage formulations of Rs 447 crore ($80.10 mn) for the first quarter against revenue of Rs 393 crore ($71.89 mn). Revenue from sale of API to regulated and semi-regulated markets globally was Rs 127 crore, recording an increase of 27%.