The Hindu Business Line : Glenmark Q4 net doubles on US exports

The Mumbai-based drug company clocked a net profit of Rs 134.80 crore for the three-month period ended March 31, 2007, compared with Rs 67.30 crore in the corresponding period of the previous year.

Mr Glenn Saldanha, the company's Managing Director and Chief Executive Officer, told Business Line that the fourth quarter had a seen healthy growth on account of exports to the US.

It clocked stand-alone revenues of Rs 837.11 crore for the year ended March 31, 2007, compared with Rs 618.43 crore in the corresponding period of the previous year.

International operations

International operations account for 55 per cent of Glenmark's consolidated revenues, he said. The company clocked a consolidated profit (covering its international subsidiaries) of Rs 63.25 crore for the quarter under review. It clocked a consolidated income of Rs 348.62 crore in the corresponding period.

The company posted a consolidated net profit of Rs 311.16 crore for the year ended March 31, 2007, up 254 per cent over the previous year's net profits of Rs 87.97 crore. The company registered consolidated revenues of Rs 1,242 crore for the financial year 2006-07 ended March 31, 2007, a growth of 64 per cent compared with the previous year.

Glenmark's US business earned revenues of Rs 220 crore, with a total of 13 product launches and a growth of 286 per cent for the financial year 2007, a note from the company said.

The company's shares closed marginally down, at Rs 677.30 on the BSE.