Glenmark Q1 net profit declines 31 pc to Rs 211 crore

Glenmark Pharmaceuticals on Wednesday reported a 31 per cent decline in its consolidated net profit at Rs 211 crore for the first quarter ended June on account of sales dip in domestic and US markets.

The company had posted a consolidated net profit of Rs 306 crore in the April-June quarter of the previous fiscal.

Revenue from operations declined to Rs 2,777 crore in the June quarter as compared with Rs 2,965 crore in the year-ago period.

''We delivered a strong double digit growth in our base business during the quarter excluding the impact of COVID-related products,'' Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said in a regulatory filing.

Europe and ROW markets performed well despite the challenging macro-economic environment, and the India base business also recorded strong growth, he added.

''Our goal is to continue growing our base business through new product launches in our key focus areas of respiratory, dermatology and oncology,'' Saldanha noted.

Shares of the Mumbai-based drug firm settled 1.02 per cent up at Rs 375.7 apiece on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)