Glenmark Life Sciences reported a 13% rise in net profit for the third quarter ended December 2023, reaching Rs 119 crore. Revenue also increased, driven by strong performance in key markets.
Photograph: PTI Photo
New Delhi, Jan 23 (PTI) Glenmark Life Sciences on Tuesday said its net profit increased 13 per cent to Rs 119 crore for the third quarter ended December 2023.
The company had reported a net profit of Rs 105 crore in October-December period of the last fiscal.
Revenue from operations rose to Rs 573 crore in the third quarter of the current fiscal as against Rs 541 crore in the year-ago period, the company said in a regulatory filing.
"Our Q3 FY24 numbers reflect our commitment to quality growth, with revenue from operations rising by 5.9 per cent. This was fuelled by the robust performance of the US, LATAM (Latin American), RoW (Rest of the World) and India markets," Glenmark Life Sciences MD & CEO Yasir Rawjee said.
The company has signed a multi-year definitive agreement to supply active pharmaceutical ingredients for an innovator's product, which is expected to be commercialised in FY25.
"Looking ahead, a strong order book for external business coupled with improved visibility of CDMO (Contract Development and Manufacturing Organisation) business gives me confidence of delivering steady growth in FY24 and in the coming years," Rawjee stated.
Shares of the company ended 0.78 per cent down at Rs 792.10 apiece on the BSE.
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