Glenmark Pharmaceuticals Doubles Net Profit in Q1

Glenmark Pharmaceuticals reported a net profit of Rs 340 crore for Q1 ending June 30, more than doubling from Rs 150 crore a year ago. Consolidated revenue rose to Rs 3,244 crore. Strong growth across regions and solid operational performance contribute to this success, with key products like RYALTRIS driving global growth.

Glenmark Pharmaceuticals on Wednesday reported a more than two-fold surge in its consolidated net profit for the first quarter ending June 30, reaching Rs 340 crore.

The Mumbai-based pharmaceutical company had posted a net profit of Rs 150 crore during the same period last fiscal year.

For the quarter under review, the firm stated its consolidated revenue from operations climbed to Rs 3,244 crore as compared to Rs 3,036 crore in the June quarter of the previous year.

Chairman and Managing Director Glenn Saldanha attributed the robust financial performance to strong revenue growth across key regions and solid operational execution, leading to improved margins.

The company's business in India continues to outperform the domestic market, particularly in core therapeutic areas, while its European operations also showed growth in the branded segment, Saldanha noted.

''RYALTRIS remains a significant global growth driver, achieving substantial market shares in multiple regions. Looking forward, we are committed to the launch of innovative products such as Envafolimab and Winlevi, confidently moving towards our FY25 targets,'' Saldanha added.

(With inputs from agencies.)