Glenmark Pharmaceuticals Q2 Profit Beats Estimate Aided By Europe
India business grew in high-single digit despite several challenges, Glenmark said.
Glenmark Pharmaceuticals Ltd.'s net profit rose in the July-September period, beating analyst estimates aided by the Indian and European businesses.
The drugmaker’s bottom line stood at Rs 214 crore, an increase of 4.25 percent from a year ago period, according to its stock exchange notification. Analysts surveyed by Bloomberg had pegged the net profit at Rs 191 crore.
Revenue of the company stood at Rs 2,256.5 crore on a year-on-year basis, falling short of the Bloomberg consensus estimate of Rs 2,331 crore.
Despite several challenges in the market, India business recorded high single digit growth, Glenn Saldanha, chairman and managing director of Glenmark said in a media release, adding that the Europe business performed very well during the quarter due to a strong performance by the Western European region.
The pharmaceutical company’s overall performance was driven by India, Europe and API business, he said.
The operating income or the earnings before interest, tax, depreciation and amortisation stood at Rs 13.58 percent to Rs 388 crore as compared to the same quarter last year. The operating margin contracted by 300 basis points to 17.2 percent during the period.
Geographical Breakdown
- India business grew by 5.3 percent (8 percent post excise) to Rs 7,10.677 crore
- U.S. business decreased by 5.72 percent to Rs 7,27.09 crore
- Europe formulations business grew by 48.5 percent to Rs 2,00.02 crore
- Rest of World (ROW) business decreased by 0.69 percent to Rs 2,52.09 crore
- API business grew by 6.90 percent to Rs 2,36.61 crore