Glenmark Pharmaceuticals today said its consolidated net profit in the December quarter declined 70.91 per cent at Rs 81.43 crore over the corresponding period a year ago.
The drug major had a consolidated net profit of Rs 280 crore in the December quarter last fiscal, Glenmark Pharmaceuticals said in a filing to the Bombay Stock Exchange.
Consolidated net revenue also declined to Rs 581.38 crore in the third quarter of the current fiscal from Rs 679.39 crore a year ago.
"The decline in sales growth is mainly due to out-licensing revenue of Rs 179.29 crore received in the corresponding quarter of the previous year," the company said.
For the nine-month period ended December 31, 2008, Glenmark Pharmaceuticals registered a consolidated net profit of Rs 314.16 crore, a 23.80 per cent decline over the Rs 412.29 crore of the same period last year.
On a standalone basis, Glenmark posted a net profit of Rs 36.19 crore in the latest quarter, a 75.28 per cent decline over the corresponding period a year ago. It had a net profit of Rs 146.42 crore in the same quarter last year.
Shares of Glenmark Pharmaceuticals dropped 10.50 per cent and settled at Rs 181.50 on the BSE.
