The Hindu Business Line : Glenmark Q4 net up; to pay Rs 6 per share

BUOYED by sales of its new products Esoz and Glevo, Glenmark Pharmaceuticals Ltd has almost doubled its net profit for the quarter ended March 31, 2002, to Rs 6.76 crore (Rs 3.45 crore).

A deferred tax liability of about Rs 1 crore in the quarter under review has trimmed the profit to that extent.

The company has declared a dividend of Rs 6 per share of Rs 10 or 60 per cent.

The company said the growth in the fourth quarter was primarily driven by the two newly-launched drugs and its one-year-old diabetics division - Healtheon - which "continued to outperform the industry''.

Quarter-on-quarter sales grew 92 per cent to Rs 94.21 crore (Rs 48.91 crore), but total expenditure also grew in tandem to Rs 81.28 crore (Rs 41.82 crore).

Interest expenses were Rs 3.44 crore (Rs 2.72 crore) and depreciation was Rs 2.37 crore (Rs 2.26 crore).

Domestic sales of branded formulations for the whole year ended March 31, 2002, were Rs 227.83 crore and exports Rs 22.52 crore. Sale of finished goods and bulk drugs was Rs 14.90 crore.

It started bulk drug manufacturing in the second half of the fiscal year when it took a unit near Pune on lease.

During the year, the company launched eight new products.

For the whole year, the company has made a net profit of Rs 22.8 crore, up 34 per cent over the Rs 17.09-crore profit for the year ended March 31, 2001.

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