Glenmark Q4 Net Profit Dips 26% At Rs 173 Crore

Glenmark Pharmaceuticals on Saturday said its consolidated profit after tax declined 26% to Rs 173 crore for the fourth quarter ended March 31, 2022.

The company had reported a profit after tax of Rs 234 crore in the January-March period of 2020-21 fiscal.

Consolidated revenues of the drug firm, however, rose to Rs 3,019 crore in the quarter under review as compared to Rs 2,860 crore in the year-ago period, recording an increase of 6% year-on-year.

For the year ended March 31, 2022, the Mumbai-based drug firm reported a PAT of Rs 994 crore, as against Rs 970 crore in FY21.

The company's consolidated revenue for last fiscal rose to Rs 12,305 crore from Rs 10,944 crore in 2020-21.

"We delivered consistent performance throughout the year and achieved our key objectives, despite the challenging global macro environment," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said in a statement.

The company was able to successfully list Glenmark Lifesciences on the Indian bourses, and the out-licensing deal for ISB 880 with Almirall and the U.S. FDA approval for Ryaltris further established the drug firm as the leading innovation-driven pharma company in the country, he added.

"We are confident of growing our business with continuous emphasis on innovation, sustainability, and prioritising free cash generation for additional debt reduction," Saldanha noted.

The company said its board has recommended a dividend Rs 2.5 per share of face value of Re 1 each for the financial year 2021-22.