Drug maker Glenmark Pharmaceuticals on Thursday (28 January) said its net profit grew 48.38 per cent for the October-December quarter to Rs 170.30 crore from the previous year’s Rs 114.77 crore on the back of a robust sales in the US and India.
Its overall sales during this quarter posted a growth of 4.53 per cent to Rs 1,778.29 crore, while the operating profit for the quarter at Rs 369.76 crore registered a growth of 39.19 per cent.
"We have recorded good overall growth in the quarter powered by our India and US businesses, although the devaluation of currencies across emerging markets continues to impact our operations," said chairman and managing director Glenn Saldanha.
"Going ahead, we expect our India, US and Europe businesses to continue to drive growth for our company," he said in a statement.
While its US formulation business grew about 20 per cent to Rs 608.86 crore, the India business posted a growth of 12.69 per cent to Rs 488 crore during the quarter.
The company’s business in the other parts of export markets Africa and CIS regions grew a little over 14 per cent to Rs 236.33 crore during the October-November quarter.
But, its European formulation sales recorded a muted growth of just 2 per cent to 176.35 crore and the same in the Latin American markets declined almost 50 per cent to 123.72 crore during the quarter.
Glenmark shares rose 1.78 per cent to Rs 750.70 a unit on BSE on Thursday, while the benchmark Sensex dropped 0.09 per cent to 24,469.57 points.
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Unnikrishnan is currently Senior Associate Editor with BW Businessworld at its Mumbai Bureau. During his two decades long journalistic career, he has received several media awards and recognitions. His articles on healthcare, life sciences and intellectual property rights (IPR) have been republished by several international blogs and journals.
