Latest News | Glenmark Life Q1 Profit Up 25 Pc at Rs 101 Cr

New Delhi, Aug 13 (PTI) Glenmark Life Sciences on Friday said its net profit increased 25 per cent to Rs 101 crore in the first quarter ended June 30, 2021.

The company had reported a net profit of Rs 81 crore in April-June 2020-21.

Also Read | iQOO 8 Pro Teased To Get 50W Wireless Charging, iQOO 8 Series To Feature 120W Fast Charging.

Revenue from operations rose to Rs 525 crore as compared with Rs 397 crore in the year-ago period.

"At Glenmark Life Sciences, we are delighted to announce our first financial result post listing. Being in the healthcare industry, it was important that we continue our services & operations uninterrupted, despite several challenges during the second wave of the pandemic.

Also Read | Adi Godrej to Step Down as Chairman of Godrej Industries Ltd on October 1, Younger Brother Nadir Godrej To Succeed Him.

"Today we have embarked on a good start in Q1 FY22, with the business delivering a strong growth," Glenmark Life Sciences MD & CEO Yasir Rawjee said in a statement.

The company's generic API (active pharmaceutical ingredients) business has delivered robust growth across all geographies, and increased demand in both regulated and emerging markets have fuelled this growth, he added.

"However, the CDMO (contract development and manufacturing) business, being cyclical, was affected due to phasing of customer orders this quarter and we expect it to pick up pace again from Q2 FY22," Rawjee noted.

He further said: “I am confident that our continued focus on continuous process innovation, operational efficiency and financial discipline will help us deliver sustainable business growth."

The company is future-ready to cater to the growing demand through a brownfield expansion in Dahej facility and a modern green-field manufacturing facility, Rawjee stated.

Shares of the company on Friday ended 0.78 per cent up at Rs 757.75 apiece on the BSE. PTI MSS

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)