Glenmark Pharma Q1 Results: Net profit falls 18% to Rs 173.13 crore

Glenmark Pharmaceuticals Ltd on Friday reported an 18 per cent decline in consolidated net profit at Rs 173.13 crore in the first quarter ended June 30, 2023, impacted by higher expenses.

The company had posted a consolidated net profit of Rs 211.1 crore in the same quarter last fiscal, Glenmark Pharmaceuticals said in a regulatory filing.

Consolidated total revenue from operations during the quarter under review stood at Rs 3,401.6 crore as against Rs 2,777.29 crore in the year-ago period.

Total expenses were higher at Rs 3,037.05 crore as compared to Rs 2,552.43 crore in the same quarter a year ago, the company said.

"The robust growth in sales was led by our branded markets in the RoW (rest of the world) region. Our Europe business performed significantly well on the back of a strong generics portfolio and continued gains in market share, in our leading respiratory brands," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.

The company's North America business remained stable, and India business continued to significantly outperform industry growth rates, he added.

Sales from the formulation business in India in Q1 was at Rs 1,064.3 crore over Rs 1,035.2 crore in the previous corresponding quarter, a growth of 2.8 per cent, the company said, adding, in North America, sale of finished dosage formulations clocked Rs 808.5 crore as against Rs 662.8 crore in the same period a year ago.

RoW registered a revenue of Rs 551.2 crore as compared to Rs 422.6 crore in the same quarter last fiscal, Glenmark said, adding that its European operations revenue was at Rs 573.2 crore from Rs 330 crore in the year-ago quarter.