Consolidated net profit was at Rs 1,147.60 million
Glenmark Pharmaceuticals announced its results for the third quarter ended December 31, 2014. For the third quarter ended December 31, 2014, Glenmark’s consolidated revenue was at Rs 17,013.07 million ($ 274.80 million) as against Rs 16,017.52 million ($ 259.64 million) an increase of 6.22 per cent.
The consolidated net profit was at Rs 1,147.60 million for the quarter ended December 31, 2014 as compared to Rs 2,143.31 million for the previous corresponding quarter. The profits for the quarter are not comparable because of foreign exchange losses in emerging markets especially Russia.
“Our India, LatAm and Europe businesses performed well in the quarter. While we continue to outperform the Indian pharmaceutical market recording double digit growth, our LatAm business performed exceedingly well with our Mexico and Venezuela subsidiaries growing by over 200 per cent backed by good demand. The slowdown in product approvals and channel consolidation impacted our sales in the US, whereas the devaluation of currency and subdued business environment affected our Russia/CIS business,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.
For the nine month ended December 31, 2014, Glenmark’s consolidated revenue was at Rs 48,689.55 million as against Rs 43,033.75 million, an increase of 13.14 per cent over the previous corresponding period.
Sales for the formulation business in India for the third quarter ended December 31, 2014, was at Rs 4330.73 million ($ 69.82 million) as against Rs 3,812.30 million ($ 61.52 million) in the previous corresponding quarter, recording a growth of 13.60 per cent.
EP News Bureau – Mumbai