Glenmark Life Sciences on Friday said its net profit increased 25 per cent to Rs 101 crore in the first quarter ended June 30, 2021. The company had reported a net profit of Rs 81 crore in April-June 2020-21. Revenue from operations rose to Rs 525 crore as compared with Rs 3,970 crore in the year-ago period.
“At Glenmark Life Sciences, we are delighted to announce our first financial result post listing. Being in the healthcare industry, it was important that we continue our services & operations uninterrupted, despite several challenges during the second wave of the pandemic.
“Today we have embarked on a good start in Q1 FY22, with the business delivering a strong growth,” Glenmark Life Sciences MD & CEO Yasir Rawjee said in a statement. The company’s generic API (active pharmaceutical ingredients) business has delivered robust growth across all geographies, and increased demand in both regulated and emerging markets have fuelled this growth, he added.
“However, the CDMO (contract development and manufacturing) business, being cyclical, was affected due to phasing of customer orders this quarter and we expect it to pick up pace again from Q2 FY22,” Rawjee noted. He further said: “I am confident that our continued focus on continuous process innovation, operational efficiency and financial discipline will help us deliver sustainable business growth.”
The company is future-ready to cater to the growing demand through a brownfield expansion in Dahej facility and a modern green-field manufacturing facility, Rawjee stated. Shares of the company on Friday ended 0.78 per cent up at Rs 757.75 apiece on the BSE.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.