Glenmark Pharma Q2 net profit drops 56.8 pc to Rs 264 cr revenue down at Rs 4 247 cr

New Delhi, Nov 5 (PTI) Glenmark Pharmaceuticals on Thursday reported a 56.78 per cent drop in consolidated profit after tax to Rs 263.83 crore in the September quarter, dragged by exceptional items.

     The company had posted a consolidated profit after tax (PAT) of Rs 610.43 crore in the corresponding quarter of the preceding fiscal.

     Consolidated total revenue from operations in the second quarter of the current fiscal stood at Rs 4,247.32 crore, down from Rs 6,046.87 crore a year ago, Glenmark Pharmaceuticals said in a regulatory filing post-market hours.

     Total expenses in the quarter under review dropped to Rs 3,627.70 crore as compared to Rs 3,894.98 crore a year ago, the company said.

     During the September quarter, Glenmark Pharmaceuticals USA, a subsidiary of the company, entered into a settlement with Humana Inc for USD 15 million.

     "The settlement makes clear that Glenmark denies each and every one of its allegations against it and the settlement is not based on Glenmark having considered or admitted any liability or illegality," it said.

     Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd, said, “We remain on track to deliver our FY27 guidance with continued growth in India, a strong recovery in North America supported by multiple launches, and robust performance across Emerging Markets.

     “RYALTRIS continues to expand internationally with the recent Brazil launch, marking an important milestone. Our partnered innovative oncology pipeline is advancing toward commercialisation with the first launch expected by the end of FY27,” he said.

     Shares of Glenmark Pharmaceuticals closed 0.65 per cent lower at Rs 2,485.5 apiece on the BSE.

(This story has not been edited by THE WEEK and is auto-generated from PTI)