Buoyed by its performance in the Indian and American markets, drug-maker Glenmark Pharmaceuticals clocked a consolidated net profit of Rs 457 crore for the financial year ended March 31, 2011.
It had registered a consolidated net profit of Rs 331 crore in the corresponding period of the previous year.
Not comparable
The company said its financial performance for the year under review was under the International Financial Reporting Standards.
As a result, the performance of the previous year, published under Indian Generally Accepted Accounting Principles (I-GAAP), was not comparable with that of the year under review.
Glenmark's consolidated revenue was Rs 2,949 crore for the year under review.
In the corresponding period of the previous year, the company clocked a consolidated revenue of Rs 2,484 crore. Revenues from the company's generics business was Rs 1,263 crore, while the speciality formulation business stood at Rs 1,685 crore.
India, US business
The India and US business, which contribute significant portion of the revenue, registered good growth for the year, said Mr Glenn Saldanha, Chief Executive and Managing Director of Glenmark Pharmaceuticals Ltd.
“The US business received the most number of ANDA (abbreviated new drug application) approvals for an Indian company which aided the growth of the business. The India business launched several new products during the financial year. The API (active pharmaceutical ingredients) business also recorded strong growth for the full financial year,” he said.
Besides this, Glenmark's drug discovery programme also gained ground, he said, referring to two new molecules — for the potential treatment of various respiratory and pain conditions and another monoclonal antibody indicated for B-cell leukaemia.
“Both these new discoveries are potential best-in-class molecules globally,” he said in a company statement.
Appointed chairman
Reflecting transition in the company, Mr Glenn Saldanha has now been appointed as Chairman of the board, in addition to his other responsibilities.
His father and earlier Chairman, Mr Gracias Saldanha, has stepped down and has been re-designated Founder and Chairman Emeritus, the company said.
Glenmark's shares were marginally down on the BSE at Rs 284 on Tuesday.