Consolidated net profit was at Rs 2339.93 million for the quarter ended September 30, 2020
Glenmark Pharmaceuticals announced its financial results for the second quarter ended September 30, 2020. For the second quarter of FY 2020-21, Glenmark’s consolidated revenue was at Rs 29,524.79 million as against Rs 28,150.40 million recording an increase of 4.88 per cent.
Consolidated EBITDA (excluding other income) was at Rs. 5699.27 million in the quarter ended Sept 30, 2020 as against Rs. 4,504.08 Mn. in the previous corresponding quarter, registering an increase of 26.54 per cent. Forex loss to the extent of Rs 171.14 million was recorded in other expenditure for the second quarter of this financial year.
Consolidated net profit was at Rs 2339.93 million for the quarter ended September 30, 2020 as compared to Rs 2,555.42 million in the previous corresponding quarter. The net profit is not comparable on account of 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 MD, 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.”
India sales from the formulation business for the second quarter of FY 2020-21 was at Rs 10506.91 million ($141.38 million) as against Rs 8,963.56 million ($127.65 million) in the previous corresponding quarter, recording growth of 17.22 per cent.
USA Glenmark Pharmaceuticals, USA registered revenue from the sale of finished dosage formulations of Rs 7521.77 million ($101.42 million) for the quarter ended September 30, 2020 as against revenue of Rs 8478.26 million ($120.72 million) for the previous corresponding quarter, recording decline in revenue by (11.28) per cent.
For the second quarter of FY 2020-21, revenue from Africa, Asia and CIS region was Rs 3805.87 million ($51.13 million) as against Rs 3,487.98 million ($49.70 million) for the previous corresponding quarter, recording growth of 9.11 per cent. Glenmark Europe’s operations revenue for the second quarter of FY 2020-21 was at Rs 3181.27 million ($42.85 million) as against Rs 2,850.90 million ($40.60 million) recording growth of 11.59 per cent.
Glenmark’s revenue from its Latin American and Caribbean operations was at Rs 983.51 million ($13.23 million) for the second quarter of FY 2020-21, as against Rs. 1,212.41 million ($17.28 million), recording revenue decline of (18.88) per cent.