CorporateGlenmark Pharma Q2 net dips 31% to Rs 81 cr
Drug maker Glenmark Pharmaceuticals today reported 31 per cent drop in its consolidated net profit at Rs 80.88 crore for the second quarter ended September 2009.
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Total income rose to Rs 616.56 crore during the quarter from Rs 604.21 crore against the year-ago period, Glenmark said in a filing to the Bombay Stock Exchange (BSE).
"Sales growth across most regions for the quarter has improved. The India formulations business and the US generics business performed well during the quarter," Glenmark Pharma CEO & MD Glenn Saldanha said.
The company"s sales from formulations business in India increased 18 per cent to Rs 184.26 crore, while the revenue from the US generics business rose to Rs 177.11 crore from Rs 176.13 crore in the same period last fiscal.
"For the remaining part of the year, we expect demand conditions to further improve across all our operating regions. While the US Generics and the India formulations business should continue to grow, the remaining regions are also expected to register good growth rates," Saldanha added.
During the period, Glenmark"s revenue from Africa, Asia and CIS (Commonwealth of Independent States) grew 14 per cent to Rs 80.22 crore.
On a stand alone basis, Glenmark Pharma posted a net profit of Rs 57.50 crore for the September quarter, a 14.03 per cent drop over the year-ago period.
Shares of Glenmark Pharma were trading at Rs 220, down 0.18 per cent over previous close on the BSE.