Glenmark Pharmaceuticals today reported a 1.56 per cent dip in its consolidated net profit at Rs 154.29 crore for the quarter ended September 30, 2013 mainly on account of increased taxes.
The company had posted a net profit of Rs 156.75 crore for the corresponding period of the previous fiscal.
Net profit is after taxes and minority interests and share of profits/loss of associates, it added.
Consolidated net sales of the company however rose to Rs 1,463 crore for the quarter under consideration as against Rs 1,255.19 crore for the same period year ago.
“Despite challenges in the operating environment, we have managed to register decent sales growth of 17 per cent on the back of good performances by our US and India businesses,” Glenmark Chairman & MD Glenn Saldanha said.
The company has been also making steady progress on the Innovation R&D front with 4 NCE & NBE molecules in clinical trials, he added.
Revenue from the generics business was at Rs 710.65 crore for the quarter under consideration as against Rs 580.07 crore for the same period year ago, a growth of 22.51 per cent.
The Speciality formulation business excluding out— licensing revenue was at Rs 740.54 crore as against Rs 675.11 crore for the corresponding previous quarter, it added.
Sales for the formulation business in India for the second quarter ended September 30, 2013 grew by 21.41 per cent at Rs 417.68 crore as against Rs 344.02 crore in the previous corresponding quarter, the company said.
However the revenue from sale of API to regulated and semi—regulated markets globally deceased by 8.53 per cent for the quarter under consideration to Rs 101.07 crore as against Rs 110.50 crore for the same period year ago, it added.
“Although the operating environment continues to remain challenging in emerging markets, we are reasonably confident of continuing on the same growth trajectory,” Saldanha said.
In the second quarter, Glenmark was granted approval of four Abbreviated New Drug Applications (ANDAs) and it filed six ANDA’s with the USFDA, and plans to file an additional ten to fifteen applications in the forthcoming quarters, the company said.
Currently the company’s marketing portfolio consists of 90 generic products authorised for distribution in the US market.
Shares of Glenmark Pharmaceuticals today closed at Rs 561.90 on the BSE, up 1.63 per cent from its previous close.