Glenmark Q4 net profit up 6.62% at Rs 162 cr; board approves raising funds up to $200 mn through debt securities

New Delhi: Drug firm Glenmark Pharmaceuticals on Wednesday reported a 6.62 percent rise in its consolidated net profit to Rs 161.66 crore for the fourth quarter ended 31 March. The company had posted a net profit of Rs 151.62 crore for the corresponding period previous fiscal, Glenmark Pharmaceuticals said in a BSE filing. Consolidated revenue of the company stood at Rs 2,563.47 crore for the quarter under consideration. It was Rs 2,279.81 crore during the same period a year ago. For the fiscal year ended March this year, the company posted a net profit of Rs 924.99 crore as against Rs 803.87 crore for the previous fiscal. [caption id=“attachment_4225903” align=“alignleft” width=“380”]  Representational image. Getty.[/caption] The company’s consolidated revenue for 2018-19 stood at Rs 9,865.46 crore, compared to Rs 9,103.07 crore in the preceding fiscal. The Board of Directors has approved raising of funds up to $200 million by the issue of debt securities, whether denominated in Indian rupee and/or foreign currency, through a public issue or a private placement. Proceeds from these debt securities issuance will be used mainly to refinance existing debt. The Board also recommended a dividend at the rate of 200 percent, i.e. Rs 2 per share (face value of Re 1 each) on the equity share capital of the company for the financial year 2018-19, subject to the approval of shareholders at the ensuing Annual General Meeting, it said in a regulatory filing.

“Our growth momentum continued during the financial year despite the challenging generic business environment across markets globally. Our India, Europe and Rest of the World regions performed well and we also maintained good traction in the API business,” said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Ltd.

Shares of Glenmark Pharmaceuticals closed at Rs 547.35 per scrip on the BSE on Thursday, down 2.07 percent from its previous close.