Glenmark Pharma Q3 net profit grows
Glenmark a Pharmaceutical firm posted net profit of Rs 109.55 crore in the quarter ended December 31, 2010 which shows that its net profit rose by 16.45% as compared to same quarter last year.
In a filing to the Bombay Stock Exchange (BSE) Glenmark Pharmaceuticals said that net profit of the company are boosted by the impressive performance of its India formulations business.
In the third quarter of previous fiscal year company recorded net sales of Rs 641.68 crore but in third quarter of FY’11, company’s sales rose to Rs 750.81 crore. Talking about company's formulations business in India which also shows a sales growth of 30% taking the sales figures from Rs 184.27 in the same period of the previous fiscal to Rs 641.68 crore in the third quarter of FY''11.
The company also declared that its revenue from Africa, Asia and the CIS region rose by 27%, from Rs. 90.57 crore in the same quarter last fiscal year to Rs 115.42 crore this year.
Revenue grew by 88% during the third quarter of current fiscal year, from the company's Latin American and Caribbean operations to Rs 52.82 crore from Rs 28.03 crore in the same period of the previous fiscal.