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Glenmark Pharmaceuticals reported a second-quarter profit on Thursday, helped by strong demand for its drugs that treat long-term illnesses.
The drugmaker reported a consolidated profit of Rs 354 crore (nearly $42 million) for the quarter ended Sept. 30, compared with a loss of Rs 81.95 crore a year ago.
The company had a one-time charge of Rs 325 crore in the second quarter of last year, related to a legal case settlement as well as remediation costs at its manufacturing sites in India and the U.S.
Total revenue from operations rose 7 per cent to Rs 3,434 crore during the quarter.
Key context
Glenmark Pharma continued to benefit from its strong position in key chronic therapy areas, including respiratory and dermatology therapeutics, according to its latest annual report.
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Drugmakers like Glenmark Pharma and its peers continue to benefit from strong domestic demand for their speciality drugs and those used for treating long-term illnesses.
The company's peer, Mankind Pharma, also beat second-quarter profit estimates due to strong demand for its drugs that treat chronic illnesses, such as diabetes and cardiovascular diseases.
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