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Glenmark Q1 results: Net profit jumps over two-fold to Rs 254 cr

NEW DELHI: Glenmark Pharmaceuticals on Friday posted an over two-fold enhance in consolidated web profit at Rs 254.04 crore for the quarter ended June.

The firm had reported a web profit of Rs 109.28 crore for the April-June interval of 2019-20.

Consolidated income stood at Rs 2,344.78 crore for the primary quarter, as in contrast to Rs 2,322.87 crore within the year-ago interval, Glenmark Pharmaceuticals mentioned in a regulatory submitting.

“It has been a difficult quarter throughout all markets due to the continued pandemic. Despite the troublesome working surroundings, we managed to document gross sales progress for the organisation.

“We focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year,” Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha mentioned.

The firm was the primary entity within the nation to launch Favipiravir for the remedy of delicate to reasonable COVID-19, he famous.

“Today thanks to Glenmark’s clinical trials, many other companies could also launch this molecule, thereby reducing cost of treatment. Our fight against COVID-19 will continue and we will continue to innovate in this space to explore other promising treatment options,” Saldanha mentioned.

The firm’s formulation gross sales within the home market in the course of the first quarter rose to Rs 779.89 crore from Rs 752.21 crore in the identical interval of earlier fiscal, up 3.68 per cent.

Further, US-based Glenmark Pharmaceuticals Inc reported income of Rs 742.64 crore for the primary quarter as in opposition to Rs 730.89 crore within the year-ago interval.

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