The Economic Times daily newspaper is available online now.

    Glenmark Q2 Results: Net profit rises 1.4% YoY to Rs 278 crore

    Synopsis

    Revenues rose 7.2% YoY to Rs 3,375 crore during Q2FY23 as against Rs 3,147 crore in Q2FY22

    Glenmark PharmaETMarkets.com
    Drug maker Glenmark on Friday reported 1.4% year-on-year (YoY) rise in net profit to Rs 278 crore in the quarter ended September 30. The net profit was Rs 275 crore in the corresponding quarter of the previous year.

    Revenues rose 7.2% YoY to Rs 3,375 crore during Q2FY23 as against Rs 3,147 crore in Q2FY22. Earnings before interest, depreciation and taxes (EBITDA) rose 5.3% YoY to Rs 622 crore.

    The EBITDA margin dropped 40 basis points YoY to 18.4% in Q2FY23. R&D expenses rose 0.3% to Rs 330 crore during Q2FY23, constituting about 9.8% of Glenmark sales.

    Sales from the India formulation business for the second quarter were at Rs 1,092 crore, recording YoY growth of 12.7%. North America revenues were flat at Rs. 753 crore in Q2FY23. Europe revenues rose 12% YoY to Rs 338 crore, while the rest-of-the-world (RoW) revenues declined 17.8% to 615 crore.

    “We delivered yet another quarter of consistent growth, with our relentless focus on launching differentiated products in our core therapeutic areas," said Glenn Saldanha, chairman and managing director of Glenmark.

    "Our India business recorded strong double‐digit growth and our Europe business also performed very well in spite of a challenging macro‐economic environment, we look forward to launching new products across markets and building global scale in our respiratory portfolio. We remain focused in achieving our strategic objectives for the financial year,” Saldanha said.

    Glenmark has launched its novel drug Ryaltris in the US through its partner Hikma, its Canadian partner, Bausch Health, received marketing approval from Health Canada with an expected launch during the second half of the financial year.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in