Glenmark's Q3 PAT rises to Rs290.8 crore driven by healthy increase in secondary sales

Mumbai: Glenmark Pharmaceuticals Ltd on Friday reported a 21.3 per cent rise in consolidated profit after tax at Rs 290.8 crore for the third quarter ended December 31, 2022.

The company had posted a consolidated consolidated profit after tax of Rs 239.8 crore in the corresponding quarter last fiscal, Glenmark Pharma said in a statement.

Consolidated revenue was at Rs 3,463.9 crore, as against Rs 3,173.4 crore, up 9.2 per cent, it added.

"We had yet another quarter with a strong performance led by robust growth across all our markets despite the challenging macroeconomic conditions," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.

The company's India business continued to record a healthy increase in secondary sales, while the US business recovered well as the year progressed and the rest of world and EU businesses also reflected formidable growth during the quarter, he added.

Sales from the India formulation business in the third quarter were at Rs 1,074.5 crore as against Rs 1,006.9 crore in the previous corresponding quarter, recording growth of 6.7 per cent.

North America registered revenues of Rs 837.3 crore in Q3, up 10.6 per cent from Rs 756.7 crore in the third quarter last fiscal.