Glenmark Q3 results: Net profit up 30% at Rs 248 cr

New Delhi: Drug agency Prescribed drugs on Friday reported a 30.04 p.c rise in its consolidated internet revenue to Rs 248.17 crore for the quarter ended December 2020, primarily on account of strong gross sales in India and progress within the API phase. The corporate had posted a internet revenue of Rs 190.83 crore for the corresponding interval of the earlier fiscal, Glenmark Prescribed drugs stated in a regulatory submitting.

Consolidated income of the corporate stood at Rs 2,786.76 crore for the quarter into consideration. It was Rs 2,735.56 crore crore for a similar interval a yr in the past, it added.

“Our India enterprise continued to develop at a wholesome tempo within the third quarter, constantly outperforming business progress. The US enterprise rebounded properly and we anticipate the enterprise to steadily construct gross sales momentum,” Glenmark Prescribed drugs Chairman and MD Glenn Saldanha stated.

This quarter, “the lively pharmaceutical ingredient (API) enterprise as soon as once more carried out properly and we anticipate this enterprise to develop within the subsequent few years. We additionally anticipate the European and the rising markets enterprise to realize traction within the coming few quarters”, he added.

Gross sales from the formulation enterprise in India for the third quarter of FY 2020-21 was at Rs 882.11 crore as towards Rs 788.83 crore within the earlier corresponding quarter, the submitting stated.

Glenmark Prescribed drugs Inc, USA registered income from sale of completed dosage formulations of Rs 780.38 crore for the quarter as towards Rs 799.82 crore for the earlier corresponding quarter, it added.

Glenmark Europe’s income for the third quarter of FY 2020-21 was at Rs 313.32 crore as towards Rs 308.93 crore earlier.

API enterprise grew by 22.09 p.c to Rs 320.07 crore for the quarter ended December 2020, Glenmark stated.

Shares of Glenmark Prescribed drugs closed at Rs 504.20 per scrip on BSE, down 0.37 per cent from its earlier shut.

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