Glenmark Pharma Q1 Results: Net profit falls 18% to ₹173.13 cr, revenue up 22%

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₹173.13 crore in the first quarter ended June 30, 2023, impacted by higher expenses. The company had posted a consolidated net profit of ₹211.1 crore in the same quarter last fiscal, Glenmark Pharmaceuticals said in a regulatory filing.

Consolidated total revenue from operations during the quarter under review stood at ₹3,401.6 crore as against ₹2,777.29 crore in the year-ago period. Total expenses were higher at ₹3,037.05 crore as compared to ₹2,552.43 crore in the same quarter a year ago, the company said.

"The robust growth in sales was led by our branded markets in the RoW (rest of the world) region. Our Europe business performed significantly well on the back of a strong generics portfolio and continued gains in market share, in our leading respiratory brands," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.

The company's North America business remained stable, and India business continued to significantly outperform industry growth rates, he added. Sales from the formulation business in India in Q1 was at ₹1,064.3 crore over ₹1,035.2 crore in the previous corresponding quarter, a growth of 2.8 per cent, the company said, adding, in North America, sale of finished dosage formulations clocked ₹808.5 crore as against ₹662.8 crore in the same period a year ago.