Glenmark Pharma misses estimate; records profit of Rs 109.28 crore for June quarter

Glenmark Pharma said the figures are not comparable as the last financial year included one-time forex gain of Rs 138.21 crore.

New Delhi: Glenmark Pharmaceuticals on Tuesday reported a consolidated net profit of Rs 109.28 crore for the first quarter ended June 30, 2019. The company had posted a net profit of Rs 232.99 crore in the same period of previous fiscal.

The Mumbai-based drug firm said the figures are not comparable as the last financial year included one-time forex gain of Rs 138.21 crore.

The company's consolidated revenue stood at Rs 2,322.87 crore for the April-June quarter, while the same stood at Rs 2,165.61 crore in the year-ago period, Glenmark Pharmaceuticals said in a regulatory filing.

"Our first-quarter performance in key markets like India and Europe was impressive on account of new product launch and partnership deals. However, the overall performance was impacted due to moderate performance in the US and subdued performance in LATAM (Latin America)," Glenmark Chairman and MD Glenn Saldanha said.

The company has a strong innovation pipeline of six assets in various stages of development in the areas of immunology, oncology and pain management, he added.

"We will continue to steadily invest in the new innovation business with an objective of accelerating the pipeline towards commercialization," Saldanha said.

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