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Mumbai, Jan. 23 Glenmark Pharmaceuticals Ltd has posted a 62.96 per cent increase in net profit at Rs 39.68 crore (Rs 24.35 crore) for the quarter ended December 31.

Net sales rose 24.19 per cent to Rs 201.87 crore (Rs 162.55 crore).

The company's formulations segment grew 60.5 per cent to Rs 267.65 crore (Rs 166.94 crore).

The Active Pharmaceutical Ingredients (API) segment registered a marginal growth of 3 per cent to Rs 39 crore (Rs 37.71 crore).

During the quarter, Glenmark completed exercise-induced asthma trial on Oglemilast, the company's lead molecule for asthma and is currently in the process of evaluating European partners to develop and market the drug in India.

Pre-clinical stage

Glenmark has three more molecules in the pre-clinical stages and plans to take one of them, GRC 10801 (for obesity), to the clinics by March-April 2007.

The company expects two more molecules, GRC 10693 and GRC 4039 to progress to Phase 1 in Q1 and Q2 of FY08 respectively.

Thus, Glenmark expects to have six molecules in the clinics by next year.

Generic front

"On the generics and branded generics front, we are happy with the buoyant growth shown by our US and Latin American businesses and we expect them to contribute significantly to the overall revenues," said Mr Glenn Saldanha, Managing Director and CEO of Glenmark.

Shares of the company fell 5.69 per cent to close at Rs 620.80 on BSE.

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