Glenmark Q3 net up 5-fold at Rs 213 cr due to strong sales
New Delhi: Glenmark Pharmaceuticals on Tuesday reported nearly five-fold jump in consolidated net profit at Rs 212.91 crore for its third quarter ended December 31, on account of robust sales and outlicensing revenue from Forest Laboratories.
It had posted net profit of Rs 44.82 crore for the same period last fiscal, Glenmark said in a statement.
During the third quarter this fiscal, the company received outlicensing revenue of Rs 49.30 crore from Forest Laboratories, it added.
Its consolidated net sales also rose to Rs 1,381.25 crore for the October-December quarter, from Rs 1,031.08 crore for the same period last fiscal.
"We continue to maintain our high growth trajectory by recording a strong sales growth of over 30 percent for the third quarter. The US, India and Russia markets performed exceptionally well and continue to drive growth for the company," Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.
The agreement with Forest Laboratories for the development of novel 'mPGES-1 inhibitors' and the USFDA approval for company's in-licensed molecule-Crofelemer has come as a big boost, he added.
Revenue from the generics business stood at Rs 580.98 crore for the quarter, as against Rs 436.83 crore for the corresponding quarter last fiscal, Glenmark said.
The specialty formulation business excluding out- licensing revenue was at Rs 735.76 crore for the third quarter FY'13, as against Rs 560.69 crore for the year-ago period.
The Mumbai-headquartered firm said sales from active pharmaceutical ingredients rose to Rs 99.86 crore for the quarter ended December 31, 2012, as against Rs 83.58 crore during the same period of 2011-12 fiscal.
Glenmark Pharma scrip closed at Rs 504.05 on the BSE.