Genmark Pharmaceuticals Limited on Saturday reported a net consolidated profit of Rs 172.6 crore for the quarter ended March 2022 as compared to Rs 234 crore recorded in the corresponding period of the last year, registering a decline of 26 percent.
However, the company's consolidated revenues during the quarter under review rose to Rs 3,019 crore as against Rs 2,860 crore recorded in the same period last year, posting year-on-year growth of 6 percent.
For the full year 2021-22, the company's net profit rose to Rs 994 crore as compared to Rs 970 crore recorded in the previous year.
For the year ended March 31, 2022, Glenmark's consolidated revenue rose to Rs 12,304.9 crore as against Rs 10,943.9 crore in the previous year, recording an increase of 12.4 percent year-on-year.
"We delivered consistent performance throughout the year and achieved our key objectives, despite challenging global macro environment. We were able to successfully list Glenmark Lifesciences on the Indian Bourses. The out-licensing deal for ISB 880 with Almirall and US FDA approval for Ryaltris, further established us as the leading innovation-driven pharma company in the country," said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals. He further added, "We are confident of growing our business with continuous emphasis on innovation, sustainability, and prioritizing free cash generation for additional debt reduction."
(With ANI inputs)