Glenmark Pharmaceuticals, a research-led global integrated pharmaceutical company, announced its financial results for the second quarter ended 30 September 2020. For the second quarter of FY 2020-21, Glenmark’s consolidated revenue was at Rs 29 524.79 million against Rs 28,150.40 million, recording an increase of 4.88 %.
Consolidated EBITDA (excluding other income) was at Rs 5699.27 million in the quarter ended 30 September 2020 against Rs 4,504.08 million in the previous corresponding quarter, registering an increase of 26.54 %. Forex loss to Rs 171.14 million was recorded in other expenditures for the second quarter of this financial year.
Consolidated net profit was at Rs 2339.93 million for the quarter ended 30 September 2020 compared to Rs 2,555.42 million in the previous corresponding quarter. The net profit is not comparable to the forex gain recorded in the previous corresponding quarter of the financial year 19-20.
“Our relentless focus on costs and new product introductions during these challenging times have helped increase revenue and operating profit in the second quarter of this financial year. The India and the API business performed well along with the Europe and the ROW region,” said Glenn Saldanha, chairman, and managing director, Glenmark Pharmaceuticals. He further added, “Even though the global macro- economic environment continues to remain challenging due to the ongoing pandemic, our manufacturing and supply chain teams continue to work tirelessly to service the needs of our patients all over the world. We hope that our efforts will sustain the momentum the business has garnered during the second quarter through the course of this financial year.”
Sales from the formulation business in India for the Second Quarter of FY 2020-21 was at Rs 10506.91 million (US$ 141.38 million) as against Rs 8,963.56 million (US$ 127.65 million) in the previous corresponding quarter, recording growth of 17.22 %.
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with a presence across Generics, Specialty, and OTC business with operations in over 50 countries. Glenmark’s key therapy focus areas globally are respiratory, dermatology, and oncology. It is ranked among the top 80 Pharma and Biotech companies globally in terms of revenue (SCRIP 100 Rankings published in the year 2019).