Glenmark Pharma Q4 results: Net profit jumps 36% to Rs 220 crore

New Delhi: Glenmark Pharmaceuticals on Friday posted a 36.28 per cent increase in its consolidated net profit to Rs 220.3 crore for the fourth quarter ended March 31, 2020.

The Mumbai-based drug firm had reported a net profit of Rs 161.66 crore for the corresponding period of 2018-19.

The company’s consolidated revenue for the quarter rose 7.96 per cent to Rs 2,767.48 crore as against Rs 2,563.47 crore a year ago, Glenmark Pharmaceuticals said in a regulatory filing.

For the financial year 2019-20, the company reported a consolidated net profit of Rs 775.97 crore as against Rs 924.99 crore in 2018-19.

The company’s consolidated revenue for 2019-20 rose to Rs 10,640.96 crore as against Rs 98,65.46 crore recording over the previous corresponding period.

“Our growth momentum sustained in the fourth quarter despite the COVID-19 pandemic and challenging generic business environment across markets globally,” Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.

The company’s India, Europe and Latin America regions performed well during the quarter, he added.

“Our sustained performance has been due to the continuous efforts of all our employees around the world. Our manufacturing facilities have operated continuously and facilitated the uninterrupted supply of medicines to operating markets,” Saldanha said.

Its board recommended a dividend of Rs 2.5 per share of a face value of Re 1 each (250 per cent) for the financial year 2019-20.

[Source – Economic Times]


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