Glenmark Pharma Jumps 7% On Doubling Q1 Net Profit

On Monday, shares of Glenmark Pharma gained as much as 7 percent to Rs 509 after the company reported an over two-fold increase in consolidated net profit at Rs 254.04 crore for the June-ended quarter. For the same period last year, the company reported a net profit of Rs 109.28 crore.

The consolidated revenue for the pharma company stood at Rs 2,344.78 crore for the first quarter of 2020-21 when compared to Rs 2,322.87 crore a year ago.

"It has been a challenging quarter across all markets due to the ongoing pandemic. Despite the difficult operating environment, we managed to record sales growth for the organisation," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said. "We focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year," he added.

He noted that the company was the first entity in India to launch Favipiravir for the treatment of mild to moderate COVID-19.

"Today thanks to Glenmark's clinical trials, many other companies could also launch this molecule, thereby reducing cost of treatment. Our fight against COVID-19 will continue and we will continue to innovate in this space to explore other promising treatment options," Saldanha said.

The company's formulation sales in the domestic market in the first quarter rose to Rs 779.89 crore from Rs 752.21 crore in the same period of previous fiscal, up 3.68 percent.

Further, US-based Glenmark Pharma Inc reported revenue of Rs 742.64 crore for the first quarter as against Rs 730.89 crore in the year-ago period.