Strong U.S. Growth Aids Glenmark Pharma’s Net Profit In Q2
Glenmark second quarter profits rise 3.5 percent, EBITDA margins fall
Glenmark Pharmaceuticals Ltd.’s net profit for the September quarter rose 3.5 percent but came in below analyst estimates of Rs 255 crore.
Consolidated net profit rose 3.5 percent to Rs 223.58 crore from Rs 216.1 crore in the July to September period last year, the company said in a filing to the stock exchanges.
Consolidated revenue saw a 16.48 percent rise to Rs 2,224.1 crore. Earnings before interest, tax, depreciation and amortisation increased 11.1 percent to Rs 448.76 crore. EBITDA margin fell 86 basis points to 20.17 percent compared to 21.03 percent during the corresponding quarter last year.
Other Key Highlights
- India business grew by 10.91% to Rs 674.93 crore, year on year.
- U.S. business grew by 28.87% from the previous year to Rs 771.20 crore.
- Rest of World (ROW) business grew 20.38% to Rs 253.84 crore.
- Europe formulations business fell 16% to Rs 134.69 crore.
- Latin America business fell 19.24% to Rs 133.79 crore.
The entire emerging market region except India which was hit due to currency fluctuations is recuperating well, Glenmark Chairman and managing director Glenn Saldhana said in the media release.
The U.S., India, ROW and the API business have done well in the first half of the financial year. The strong growth witnessed by the U.S. business is on account of a number of product approvals received by the organization over the last 18 months.Glenn Saldhana, Chairman And Managing Director, Glenmark Pharmaceuticals.
Shares of Glenmark ended the day of trade lower by 0.46 percent at Rs 905 per share.