Glenmark Q4 net up 23.5% to Rs 184 cr

Glenmark Pharmaceuticals today reported 23.5 per cent rise in consolidated net profit to Rs 183.76 crore for the fourth quarter ended March 31, 2016-17, mainly on account of robust sales in the US.

In comparison, it had posted a net profit of Rs 148.79 crore for the January-March period of 2015-16, Glenmark said in a filing to BSE.

The company's revenue from operations rose to Rs 2,457.18 crore for the quarter under consideration as against Rs 2,306.67 crore for the same period a year ago.

For the entire 2016-17 fiscal, the company's net profit stood at Rs 1,108.75 crore as against Rs 743.04 crore for the previous financial year.
 

Consolidated revenue from operations of the company also rose to Rs 9,185.68 crore for the financial year ended March 2017. It was Rs 7,649.58 crore in 2015-16.

"Our quarterly performance was mainly driven by our US formulations business. In addition, our India business also managed to record growth despite various challenging factors in the market", Glenmark Pharmaceuticals Chairman & MD Glenn Saldanha said.

During the quarter,the company made significant progress on its research and development pipeline especially the respiratory assets, he added.

The company's US arm, Glenmark Pharmaceuticals Inc USA posted sales of Rs 1,000.44 crore for the quarter ended March 31, 2017 as against Rs 651.97 crore from the same period year ago, Glenmark said.

For the quarter under consideration formulation sales in India was at Rs 576.93 crore as against Rs 539.77 crore for corresponding period of the previous fiscal.

The company however had a decrease of revenue for the fourth quarter from Europe, Latin American and Caribbean countries and from Africa, Asia and CIS region as against a year ago.

In a separate filing the company said its board has recommended dividend of Rs 2 per share (face value of Re 1 each) on its equity share capital for the financial year 2016 -2017.

The company's stock closed 1.8 per cent up at Rs 904.35 on BSE.