Glenmark Pharma's Q3 net profit rise by 143% to Rs 477 crore

Glenmark Pharmaceuticals on Thursday posted 143% rise in a net profit after tax, minority interest and share of profit of associates for the quarter ended on December 31. The company reported net profit of Rs 477 crore as against Rs 196.1 crore during the same period last year. 

As per the regulatory filing, the company's total income increased to Rs 2549.5 crore in Q3FY17 as compared to Rs 1780.4 crore in Q3FY16. 

Sales for the formulation business in India for the third quarter ended December 31, 2016, was at Rs 516.8 crore as against Rs 488 crore in the previous corresponding quarter, recording growth of 5.91 %. 

Glenmark Pharmaceuticals Inc., U.S.A. registered revenue from the sale of finished dosage formulations was at Rs 1230 crore for the quarter ended December 31, 2016 against revenue of Rs. 608.8 crore for the previous corresponding quarter, recording an increase of 102.15 %.

Commenting on the performance of the company, Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Limited, said, "The overall growth for the organization has been bolstered due to the strong performance by our US formulation business. It was further aided by the good performance from our API business too. In India, considering the overall demand environment, the business still managed to record sales growth.”

On Thursday, the shares of the company closed at Rs 907.95 per piece, up 0.98% or Rs 8.85 on BSE.