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Glenmark posts profit of ₹173 crore in Q1

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Glenmark Pharmaceuticals’ profit after tax for the three months ended June 30, 2023, stood at ₹173 crore, down 18 per cent from the corresponding period in the previous year.

The company’s consolidated revenue stood at ₹3,401 crore, against ₹2,777 crore, up 22.5 per cent, over last year’s performance in the same period. 

Glenn Saldanha, Chairman and Managing Director of the company, said: “The robust growth in sales was led by our branded markets in RoW region. Our Europe business performed significantly well on the back of a strong generics portfolio and continued gains in marketshare, in our leading respiratory brands. Our North America business remained stable, and our India business continued to significantly outperform industry growth rates.”

Going forward, he said the company’s aim was to sustain the momentum, as Ryaltris continued to “meaningfully contribute across all the covered markets. We also remain on track to achieve our objectives for FY24”.

Outlining details, the company said, its India formulation (finished drugs) business in the first quarter under review stood at ₹1,064 crore, against ₹1,035 crore in the previous corresponding quarter, up 2.8 per cent. North America registered revenues from the sale of finished dosage formulations at ₹808 crore for the quarter under review, a growth of 22 per cent. And its rest of the world (RoW) markets clocked revenues of ₹551 crore, up 30.4 per cent. Glenmark Europe’s operations revenue for the first quarter stood at Rs 573 crore, a growth of 73.7 per cent.





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