Glenmark Pharmaceuticals announces Q1 Results; Profit declines 31% to Rs 211.1 crore

Meanwhile, the revenue from operations declined to Rs 2,777 crore in the June quarter as compared with Rs 2,965 crore in the year-ago period.

Glenmark Pharmaceuticals announces Q1 Results; Profit declines 31% to Rs 211.1 crore
RYALTRIS is an intra-nasal spray and should not be administered orally, instilled in the eyes, and ears or applied to the skin. (FE.com)

Glenmark Pharmaceuticals on Wednesday reported a 31 percent decline in its consolidated net profit at Rs 211 crore for the first quarter ended June on account of sales dip in domestic and US markets. The company had posted a consolidated net profit of Rs 306 crore in the April-June quarter of the previous fiscal.

Meanwhile, the revenue from operations declined to Rs 2,777 crore in the June quarter as compared with Rs 2,965 crore in the year-ago period.

“We delivered a strong double digit growth in our base business during the quarter excluding the impact of COVID-related products,” Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said in a regulatory filing.

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Europe and ROW markets performed well despite the challenging macro-economic environment, and the India base business also recorded strong growth, he added.

“Our goal is to continue growing our base business through new product launches in our key focus areas of respiratory, dermatology, and oncology,” Saldanha noted.

In the India business, the company reported that the sales from the formulations segment for the first quarter of FY 2022-23 were at Rs. 10,352 million as against Rs. 12,250 million in the previous corresponding quarter, recording a de-growth of 15.5 percent. The company cited that this decline was due to high-base of covid-related product sales in Q1 FY 2021-22.

Additionally, in the Europe business, the operation’s revenues were at Rs. 3300 million in Q1 FY 2022-23 and recording a growth of 7.9 percent as against Rs. 3,059 million in the previous corresponding quarter.

Meanwhile, shares of the Mumbai-based drug firm settled 1.02 percent up at Rs 375.7 apiece on BSE.

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