InvestorQ : What explains the sharp bounce in profits for Glenmark in the Jun-20 quarter?
Dhwani Mehta made post

What explains the sharp bounce in profits for Glenmark in the Jun-20 quarter?

Answer
user profile image
Dilmini Mercia answered.
1 month ago


Glenmark Pharma reported more than doubling of net profits at Rs.254 crore for the Jun-20 quarter. Glenmark had actually reported a net profit of Rs.109.28 crore for the Jun-19 quarter. Total revenues were almost flat for Jun-20 quarter at Rs.2345 crore.

Even in the midst of a tough operating environment, Glenmark successfully managed to record sales growth and doubling of profits. The profits came largely from controlling costs on all fronts, which gave a boost to profits in the Jun-20 quarter.

Glenmark has pioneered the launch of Favipiravir for the treatment of mild to moderate COVID-19. Glenmark's clinical trials helped a number of other companies to launch this molecule, thereby reducing cost of treatment.

Glenmark also reported revenues of Rs.742.64 crore in its US subsidiary. Its India business is also roughly the same size as its US franchise.