 "Q4")
Indian drugmaker Glenmark Life Sciences posted its first drop in profit for six quarters on Thursday as its mainstay active pharmaceutical ingredients (API) business was hurt by the Red Sea crisis.
The Mumbai-based company, which is in process of being taken over by detergent maker Nirma, said its profit fell 33% to 979.4 million rupees (nearly $12 million) in the January-March quarter, from 1.46 billion rupees a year earlier.
Revenue from its API business, its biggest, fell 8.6% in the fourth quarter, leading to a nearly 14% fall in its total revenue.
KEY CONTEXT
Glenmark Life, like other Indian API makers, has been benefitting from increasing demand from Europe and the United States, their biggest markets. They are also expected to benefit as global drugmakers seek to reduce their reliance on China.
Glenmark Life has over 130 APIs in its portfolio across key therapy areas such as cardiovascular, oncology and anti-infectives.
