Glenmark Q2 net up 20% at Rs 198 crore

New Delhi: Glenmark Pharmaceuticals Thursday reported 19.81 percent increase in consolidated net profit to Rs 197.78 crore for the second quarter ended September 30, driven by good growth in India, US and Europe.

The company had posted consolidated net profit of Rs 165.07 crore in the July-September quarter of the last fiscal, 2014-15, Glenmark said in statement.

For the second quarter, consolidated revenue was at Rs 1,909.36 crore, as against Rs 1,680.70 crore, up 13.60 percent, it added.

Glenmark Chairman & MD Glenn Saldanha said: "We have recorded good overall growth in the quarter powered by our India, US and Europe businesses."

He said devaluation of currencies across emerging markets; especially in countries like Brazil and Russia had an adverse effect on the company's operations.

"Going ahead, we expect our India, US and Europe businesses to continue to drive growth for our company," Saldanha added.

Sales for the formulation business in India during the period under review were at Rs 608.54 crore as against Rs 478.15 crore in the year-ago period, up 27.27 percent.

In the US, the company said its revenue from sale of finished dosage formulations was at Rs 598.4 crore as compared to Rs 507.55 crore in the same quarter last fiscal, up 17.90 percent.

In Europe, revenue for the second quarter was at Rs 160.35 crore as against Rs 130.55 crore in the corresponding quarter of the previous year, up 22.82 percent.

Revenue from the Active Pharmaceutical Ingredients (API) business was at Rs 165.5 crore as against Rs 159.54 crore in the corresponding quarter of the previous fiscal, a growth of 3.73 percent, the company said.

Glenmark stock closed at Rs 943.75, down 4.47 percent, on BSE.