Glenmark Pharmaceuticals reported a strong quarterly growth with its third quarter net profit soaring 48 per cent to Rs.170 crore from Rs.114 crore a year earlier, on the back of rising sales in India and the US.
“We have recorded good overall growth in the quarter powered by our India and US businesses. The devaluation of currencies across emerging markets continues to impact our operations, although we have registered good growth in local currencies in our key emerging markets. Going ahead, we expect our India, US and Europe businesses to continue to drive growth for our company,” said Glenn Saldanha, Chairman and MD, Glenmark Pharmaceuticals.
The formulation segment’s sales in India grew about 13 per cent to Rs.488 crore, while the US business grew 20 per cent to Rs.609 crore for the third quarter.
For the third quarter ended December 31, 2015, Glenmark’s consolidated revenue stood at Rs.1,778 crore as against Rs.1,701 crore, an increase of 4.53 per cent.
LatAm currency impact
The company was adversely affected by currency fluctuation in the Latin America market because of which its revenue from Latin American and Caribbean operations fell more than 47 per cent to Rs.123.7 crore for the quarter as against Rs.234.4 crore last year.
The Russia business also continued to remain challenging, the company said in a statement. While demand conditions are still weak, the currency continues to create turbulence for the business in the region. The CIS region without Russia also continues to be under pressure, Glenmark said.
Glenmark Europe’s operations revenue for the quarter was at Rs.176 crore, increasing only about 2 per cent from the previous year.
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