Net profit at Glenmark Pharmaceuticals has vaulted 72 per cent to Rs 21.97 crore in 1999-2000. The company's sales increased 39 per cent to touch Rs 138.03 crore. The total sales revenue of the Glenmark group including the company's 100 per cent subsidiary Glenmark Exports was Rs 150.12 crore.
The company made an interest provision of Rs 1.04 crore compared to Rs 0.52 crore last year. Depreciation including entire amortisation of public issue expenses and preliminary expenses amounted to Rs 4.78 crore compared to Rs 0.67 crore last year.
The company's tax provision almost doubled to Rs 6.7 crore.
Export revenues for the year including those of the subsidiary were up 43 per cent to Rs 12.13 crore. The company expanded its presence to new markets in Ukraine, Zimbabwe, Kazakhstan, Malawi, China, Brazil and Tanzania in addition to the 25 countries where it is already present.
The board of directors of the company has approved the merger of Glenmark Exports with Glenmark Pharmaceuticals.
"We are planning 4 to 6 new product launches during the year and hope to have more brands in the ORG Top 300 by the end of this fiscal year. We expect increasing contribution from exports while we shall continue to establish leadership in the domestic market by dominating specialty segments," said Glenn Saldanha, executive director, Glenmark.
A company statement said its research and development discovery project was expected to come up by July 2000 while its manufacturing unit being built to meet US Food and Drug Adminstration standards would be operational by October 2000. Glenmark's team of scientists includes B Gopalan who has done post doctoral work at Harvard with Nobel Prize winner E J Corey, A D Lakdawala who has worked with Hoechst, Wockhardt and Cadila and other accomplished men of science, it added.
