Glenmark Pharma Q2 Profit Rises 3% To Rs 223 Crore

New Delhi: Glenmark Pharma on Thursday reported a 3.46 per cent rise in consolidated net profit at Rs 223.58 crore for the fiscal second quarter that ended on September 30, 2016.

The company had reported a net profit of Rs 216.10 crore for the corresponding period of the previous fiscal year (2015-16), it said in a filing to the BSE.

Consolidated revenue rose 16.48 per cent to Rs 2,224.10 crore during the quarter under review, as against Rs 1,909.36 crore in the year-ago period.

"The overall business has gained good traction especially across key geographies. The entire emerging markets business ex-India which got severely hit in the past few years on account of currencies is also recuperating well," Glenmark Pharmaceuticals chairman and MD Glenn Saldanha said.

For the six months ended September 30, Glenmark's consolidated revenue was at Rs 4,193.49 crore, up 17.64 per cent from Rs 3,564.61 crore in the year-ago period.

"The US, India, ROW and the API business have done well in the first half of the financial year. The strong growth witnessed by the US business is on account of a number of product approvals received by the organization over the last 18 months," Mr Saldanha said.

Shares in Glenmark ended 0.42 per cent lower at Rs 906.40 apiece on the BSE, whose benchmark Sensex index finished up 0.29 per cent.