Glenmark Pharmaceutical reports 30.04% rise in net profits for Q3

Drug firm Glenmark Pharmaceuticals on Friday 12th February announced a 30.04% increase in consolidated net profit to Rs 248.17 crore for the quarter ended December 2020. This was primarily due to robust sales in India and progress in the API segment. Glenmark Pharmaceuticals in a regulatory filing had reported a net profit of Rs 190.83 crore for the corresponding period last fiscal.

Consolidated revenue of the company was Rs 2,786.76 crore for the December ended the quarter in 2020 in comparison to Rs 2,735.56 crore for the same period a year ago.

“Our India business continued to grow at a healthy pace in the third quarter, consistently outperforming industry growth. The US business rebounded well and we expect the business to gradually build sales momentum,” Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.

This quarter, “the active pharmaceutical ingredient (API) business once again performed well and we expect this business to grow in the next few years. We also expect the European and the emerging markets business to gain traction in the coming few quarters”, he continued.

Sales from the formulation business in India for the third quarter of FY 2020-21 was at Rs 882.11 crore. The filing reported that it was Rs 788.83 crore in the previous corresponding quarter.

Glenmark Pharmaceuticals Inc, USA registered revenue from the sale of finished dosage formulations of Rs 780.38 crore for the quarter as against Rs 799.82 crore for last year’s corresponding quarter.

Glenmark Europe’s revenue for the third quarter of FY 2020-21 stood at Rs 313.32 crore in contract Rs 308.93 crore earlier.

API business rose by 22.09%  to Rs 320.07 crore for the quarter ended December 2020, Glenmark said.

Shares of Glenmark Pharmaceuticals closed at Rs 504.20 per scrip on BSE, declined by 0.37% from its previous close.

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