Glenmark consolidated revenue increases by 27.53% to Rs. 17,035.60 million in Q4 FY 2013-14

EBITDA grew by 46.7 per cent to Rs 3816.17 million

Glenmark Pharmaceuticals announced its full year results for the year ended March 31, 2014. For the fourth quarter ended March 31, 2014, Glenmark’s consolidated revenue was at Rs 17,035.60 million ($276.86 million) as against Rs 13,358.61 million ($245.95 million) an increase of 27.53 per cent. For the year ended March 31, 2014, Glenmark’s consolidated revenue was at Rs 60,069.35 million ($994.09 million) as against Rs 50,137.22 million ($919.11 million) an increase of 19.81 per cent. Consolidated net profit was at Rs 430.66 million for the quarter and Rs 5422.75 million for the year.

“We have reported another year of strong growth fuelled by good performances across our key markets like the US, India and Europe; including our API business. Infact, we have consistently grown our topline by over 20 per cent year-on-year for the past three years,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals. “We have also made steady progress on our innovation pipeline especially on the novel biologics front; one of the highlights being GBR 900 – the first anti-TrkA monoclonal anti-body to enter clinical development,” he added.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 46.7 per cent to Rs 3816.17 million for the quarter. Net profit (after taxes and minority interests) for the fourth quarter was Rs 434.14 million. Adjusted for exceptional item and apportioning tax on PBT, the adjusted net profit is Rs 2153 million in Q4 FY 13-14 as compared to Rs 1751.25 million an increase of 22.94 per cent over the previous corresponding quarter.

Sales for the formulation business in India for the fourth quarter ended March 31, 2014, was at Rs 3,829.96 million ($62.05 million) as against Rs 3,550.32 million ($65.38 million) in the previous corresponding quarter, recording a growth of 7.88 per cent. Glenmark Generics, US registered revenue from sale of finished dosage formulations was Rs 5,008.52 million ($81.09 million) for the quarter ended March 31, 2014 against revenue of Rs 4,291.36 million ($79.05 million) for the previous corresponding quarter, recording an increase of 16.71 per cent.

For the fourth quarter, revenue from Africa, Asia and CIS region was Rs 3,425.34 million ($55.93 million) as against Rs 2,293.84 million ($ 42.19 million) for the previous corresponding quarter, recording an increase of 49.33 per cent.

Glenmark Europe’s operations revenue for the fourth quarter ended March 31, 2014 was at Rs 1,932.00 million ($31.60 million) as against Rs 1,491.78 million ($27.42 million) recording a growth of 29.51 per cent.

Glenmark’s revenue from its Latin American and Caribbean operations was at Rs 1,061.74 million ($ 17.22 million) for the fourth quarter ended March 31, 2014 as against Rs 792.73 million ($14.61 million) an increase of 33.93 per cent.

Revenue from sale of API to regulated and semi-regulated markets globally was Rs 1,530.63 million ($24.88 million), for the quarter ended March 31, 2014 against Rs 938.58 million ($17.30 million) for the previous corresponding quarter, recording an increase of 63.08 per cent.

EP News Bureau – Mumbai