Glenmark Pharma Posts Profit of Rs 10 Cr in Q4

Glenmark Pharma Posts Profit of Rs 10 Cr in Q4
New Delhi: Glenmark Pharmaceuticals Ltd on Friday reported a consolidated net profit of Rs 10.61 crore for the fourth quarter that ended on March 31, 2015.

The company had posted a net profit of Rs 43.06 crore for the corresponding quarter a year ago.

"The net profit is not comparable due to exceptional item of Rs 187.08 crore in the fourth quarter on account of the settlement claim including legal expenses arrived with the State of Texas by Glenmark Generics Inc," Glenmark Pharmaceuticals said in a statement.

The company's consolidated net sales rose to Rs 1,753.79 crore for the fourth quarter, up 4.28 per cent, as against Rs 1,681.74 crore in the year-ago period, Glenmark Pharma said in a filing to the BSE.

For the year ended March 2015, the company posted consolidated a net profit of Rs 475.31 crore, compared to Rs 542.27 crore in 2013-14.

Consolidated net sales of the company for the year rose to Rs 6,595.25 crore, against Rs 5,983.85 crore in fiscal year 2013-14.

"We continue to record good growth in our India, LatAm (Latin America) and Europe businesses. Currency devaluation and subdued business environment persisted to impact our Rest of the World, especially Russian operations," Glenmark Pharmaceuticals chairman and managing director Glenn Saldanha said.

During the quarter, Glenmark's India business grew 15.03 per cent to Rs 440.57 crore while its US business grew 7.09 per cent to Rs 536.34 crore.

Glenmark's Europe business in the quarter under review grew 25.93 per cent to Rs 243.30 crore and its Latin America business grew 70.51 per cent to Rs 181.03 crore.

The company's board, which met on Friday, recommended a final dividend of 200 per cent, or Rs 2 per equity share of the face value of Rs 1 each, for 2014-15.

Glenmark shares, on Friday, ended 2.32 per cent higher at Rs 877.15 apiece on the BSE.