NEWS

Glenmark Pharma posts 3.5% rise in net profit in Q2

Friday, Oct 28, 2016

Mumbai-based Glenmark Pharmaceuticals on Thursday posted Rs 223.6 crore in net profit, up by 3.5% over last year for the second quarter ended September 30 due to strong growth in markets like the US and the performance of its active pharmaceutical ingredient (API) business.

Glenmark had posted a consolidated net profit of Rs216.1 crore in the previous corresponding quarter.

The firm's total revenue rose 16.48% to Rs2,224.1 crore from Rs1,909.4 crore during the second quarter in the previous fiscal, Glenmark announced on the Bombay Stock Exchange website today. EBITDA rose 11.1% to Rs448.8 crore, it added.

“The US, India, ROW and the API business have done well in the first half of the financial year. The strong growth witnessed by the US business is on account of a number of product approvals received by the organization over the last 18 months” said Glenn Saldanha, Managing Director, Glenmark Pharmaceuticals Limited. “The overall business has gained good traction especially across key geographies. The entire emerging markets business ex India which got severely hit in the past few years on account of currencies is also recuperating well.”

Shares of Glenmark on BSE dropped 0.42% to close at Rs 906.40 on Thursday, while the benchmark Sensex ended 0.29% higher.

 

Source : economictimes.indiatimes.com