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Our Bureau

Mumbai, July 30 Buoyed by “collective growth” across different international markets, Glenmark Pharmaceuticals posted a 206 per cent growth in its consolidated profits for the first quarter ended June 30, 2007.

The company clocked a net profit of Rs 57.15 crore against Rs 18.67 crore in the corresponding quarter of the previous year.

It posted total consolidated revenues of Rs 359.42 crore for the quarter under review, up 88 per cent compared with Rs 191.55 crore in the corresponding period of the previous year.

Over the last couple of quarters, Glenmark has stabilised its business in the US, said Mr Rajesh V. Desai, Glenmark’s Director for Finance and Legal Affairs. The robust performance was fuelled by growth in all markets, he said. Over 65 per cent of Glenmark’s consolidated sales comes from its overseas operations, he added.

In the period under review, its US business posted revenues of Rs 82.62 crore, up 258 per cent over the first quarter of the previous year.

The Latin American operations posted revenues of Rs 55.27 crore, up 173 per cent.

Glenmark clocked a standalone net profit of Rs 48.60 crore for the quarter under review, against Rs 10.02 crore.

The company clocked sales of Rs 270 crore against Rs 138 crore.

While domestic growth has been healthy and in line with the trend seen in the previous quarters, Mr Desai said that a strong rupee did have a small impact of about Rs 6 crore.

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