By: IPP Bureau
Last updated : June 08, 2021 11:19 am
The jump in profit is due to the better performance of the API business.
Glenmark Pharmaceuticals Limited, a research-led global integrated pharmaceutical company, reported a 30.04 percent rise in its consolidated net profit to Rs 248.17 crore for the quarter ended December 2020, mainly on account of robust sales in India and growth in the API segment. The company had posted a net profit of Rs 190.83 crore for the corresponding period of the previous fiscal.
Consolidated revenue of the company stood at Rs 2,786.76 crore for the quarter under consideration. It was Rs 2,735.56 crore crore for the same period a year ago, it added.
"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. This quarter, the 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" said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.
Sales from the formulation business in India for the third quarter of FY 2020-21 was at Rs 882.11 crore as against Rs 788.83 crore in the previous corresponding quarter.