 "Glenmark posts Rs 143 crore profit on revenue growth")
Glenmark posted a net profit of Rs 143 crore for the March quarter in 2016 against Rs 10 crore in the same quarter last year, on the back of 29 per cent revenue growth.
Glenmark’s March quarter result in 2015 was impacted by Rs 187-crore settled claim it had incurred in the US last year. Excluding the claim, net profit was higher 5.6 per cent. Consolidated revenue rose to Rs 2,306 crore, up 29 per cent from Rs 1,775 crore on a year-on-year basis, with growth in all key regions. US sales grew 21 per cent and domestic business 22.5 per cent on a year-on-year basis. Even Latin America and the Rest of World segments, which include Russia, reported higher sales.
Business in these two segments has been under pressure because of currency fluctuations.
Glenmark's topline growth came higher than analyst estimates who were projecting 4 per cent revenue growth but its net profit came lower than estimated Rs 200-210 crore.
“We have rebounded in the fourth quarter with growth across all markets. The India and US businesses continue to grow in excess of 20 per cent. The rest of the world and the active pharmaceutical ingredient business has also recorded strong growth after a relatively weak performance in the first three quarters,” said company chairperson Glenn Saldanha in a statement.
“Glenmark received 24 approvals from the US FDA in this financial year which has been a record for the company,” he added.
