Drug maker Glenmark Pharmaceuticals on Friday reported a 21 percent year-on-year rise in net profit to Rs 306.5 crore for the quarter ended June 30, beating Street estimates.

It posted revenue of Rs 2,964.9 crore for the first quarter of the current financial year. For the corresponding period a year ago, the pharma company had registered revenue of Rs 2,344.8 crore.

Its EBITDA grew 20 percent on a year-on-year basis to Rs 573.6 crore, and its EBITDA margin came in at 19.3 percent, according to a press release.

Analysts in a CNBC-TV18 poll had estimated the company’s net profit at Rs 261.3 crore over revenue of Rs 2,970.9 crore. They have predicted the company to report an EBITDA of Rs 554 crore and an EBITDA margin of 18.6 percent.

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Glenmark Pharma reported an earnings per share (EPS) of Rs 10.86 in the June quarter, as against Rs 9 in the year-ago period.

“It was a landmark quarter for the company with positive momentum in all our key markets. Our commitment towards the fight against Covid-19 was reflected in FabiFlu becoming the number one brand in the India pharma market in April,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.

“We have a strategic roadmap to grow consistently and profitably over the year... We have a clear plan in place to reduce debt by enhancing free cash, prioritizing over R&D investments and capital expenditure going forward,” he added.

Revenue from the formulation business in India grew 57 percent on a year-on-year basis to Rs 1,225 crore.

The North America business recorded growth of 6 percent on year to Rs 787.8 crore, the company said. Sales from the Europe business grew 12 percent on year to Rs 305.9 crore.

Glenmark Pharma shares had ended 1.33 percent lower at Rs 563.20 apiece on BSE earlier on Friday, underperforming the headline Sensex index which gained 1.08 percent to a record closing high.

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First Published:Aug 14, 2021 11:01 AM IST