BENGALURU - India's Glenmark Pharmaceuticals Ltd reported a better-than-expected third-quarter profit as the cetirizine maker benefitted from strong sales in its key domestic and North America markets.
Consolidated net profit for the company, which makes generic, specialty and over-the-counter drugs, said net profit was 2.73 billion Indian rupees ($33.10 million) for the three months ended Dec. 31, a rise of 22.8% over the year earlier.
Analysts had expected a profit of 2.47 billion rupees, according to Refinitiv IBES data.
Consolidated net sales for Glenmark, which has a presence in other therapeutic areas such as diabetes, cardiovascular and oral contraceptives, rose nearly 8% to 33.92 billion rupees.
Revenue from its India business, which accounts for 31% of the total revenue, grew 6.7% to 10.75 billion rupees. Its North America business, with a 24% share of the overall revenue, posted a 10.6% rise.
Shares of the Mumbai-based firm closed 1.5% higher at 400.40 rupees ahead of the results on Friday. Glenmark Pharma declined nearly 20% last year, underperforming the Nifty Pharma index that fell more than 11%.
Last month, Glenmark Life Sciences Ltd, the company's unit that makes active pharma ingredients (API), reported a 1% rise in quarterly profit, as growth in its key generic API segment offset high costs of raw materials.
Glenmark's rivals Dr Reddy's Laboratories Ltd and Zydus Lifesciences Ltd also beat third-quarter profit estimates, while Cipla Ltd missed expectations.
($1 = 82.4680 Indian rupees)
(Reporting by Rama Venkat in Bengaluru; Editing by Shilpi Majumdar)