Mumbai: Pharmaceuticals major Glenmark on Thursday announced that its net profit jumped 13 times to Rs 143.04 crore for the quarter ended March as compared to Rs 10.61 crore in the year-ago period.
“We have rebounded strongly in the fourth quarter with growth across all markets. The India and US business continue to grow in excess of 20%. The rest of the world and API (active pharmaceutical ingredients) business has also recorded strong growth after a relatively weak performance in the first three quarters,” said company chairman and managing director Glenn Saldanha.
India business grew at 22.52% to Rs 539.77 crore for the quarter while its US business rose by 21.56 percent to Rs 651.97 crore, the company said in a filing to Bombay Stock Exchange.
Consolidated EBITDA was at Rs 301.65 crore in January-March quarter, up 7.2% from Rs 281.4 crore in the corresponding period last year, it said.
The pharmaceutical company’s consolidated revenue for the quarter stood at Rs 2,306.67 crore as against Rs 1,775.81 crore in the same period last year, or growth of 29.89%.
“Glenmark received 24 approvals from the US FDA in this financial year which has been a record for the company. We remain optimistic about the next financial year as businesses across markets have rebounded and we are gearing up for the launch of Ezetimibe where we have 180-day exclusivity in the US market which will further add to our growth,” a company official said.
In India, sales for the formulation business for the fourth quarter stood at Rs 539.77 crore, up 22.52% from Rs 440.57 crore in the previous corresponding quarter.
The company recorded net profit of Rs 701.9 crore in 2015-16, up 47.70% from Rs 475.24 crore in 2014-15.For all the latest Business News, download NewsX App