This Article is From May 07, 2013

Glenmark Q4 net up 11 per cent at Rs 167 crore

Glenmark Q4 net up 11 per cent at Rs 167 crore
New Delhi:

Glenmark Pharmaceuticals on Tuesday posted a 10.93 per cent rise in its consolidated net profit at Rs 166.79 crore for its fourth quarter on the back of robust sales in both international and domestic markets.

The company had posted a net profit of Rs 150.35 crore in the same period of previous fiscal year.

Net sales of the company rose to Rs 1,335.48 crore for the quarter ended March, 2013, compared to Rs 1,065.85 crore in the same period of fiscal year 2011-12, Glenmark Pharmaceuticals Ltd said in a filing to the BSE.

For the year ended March 31, 2013, the company posted a net profit of Rs 614.74 crore, as against Rs 460.34 crore in the previous fiscal year.

Net sales of the company rose to Rs 5,012.34 crore for fiscal year 2012-13, compared to Rs 4,020.64 crore in the previous financial year.

Commenting on the results, Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals, said both speciality and generics businesses performed well in FY13.

"The US, India and Russia businesses continued to maintain its high growth trajectory. We also made significant progress on the innovation R&D front with five NCE and NBE molecules in clinical trials; including Crofelemer which recently received approval from the USFDA for HIV related diarrhea," Mr Saldanha added.

The drug firm said its US generics business grew by 24.95 per cent in fourth quarter to Rs 429.13 crore, as compared to the same period previous fiscal year.

Sales from formulation business in India for the fourth quarter ended March 31, 2013 stood at Rs 355.03 crore, as against Rs 268.18 crore in the corresponding period of previous fiscal year.

The Mumbai-based firm said its speciality formulation business posted sales of Rs 2,700.74 crore for the year ended march 31, 2013, as against Rs 2,332.76 crore in the same period of previous fiscal year.

The company said its revenues from generics business for the 2012-13 fiscal rose to Rs 2,275.91 crore, compared to Rs 1,640.51 crore in 2011-12.

The company's board, which met today, recommended a dividend of 200 per cent--Rs 2 per share of face value of Re 1, for the financial year 2012-2013.

Shares in Glenmark, on Tuesday, closed at Rs 520.65 on the BSE, up 0.83 per cent from the previous close.