Drug firm Gland Pharma on Wednesday reported an 11.83 percent increase in its consolidated net profit to Rs 350.7 crore for the quarter ended June 30, 2021, on account of robust sales in all markets.
The company had posted a net profit of Rs 313.6 crore for the corresponding period of the previous fiscal, Gland Pharma said in a regulatory filing.
Consolidated revenue from operations of the company stood at Rs 1,153.9 crore for the quarter under consideration. It was Rs 884.2 crore for the same period a year ago, it added.
“In spite of the challenges from the second wave of COVID in the country, in terms of manpower availability and supply chain bottlenecks, Gland Pharma has managed to deliver strong quarterly results,” Gland Pharma Managing Director and Chief Executive Officer Srinivas Sadu said.
The company’s key markets, the US, Canada, Europe, and Australia registered a growth of 16 percent and accounted for 61 percent of revenue during the first quarter of the financial year 2021-22, Gland Pharma said.
India accounted for 20 percent of the first quarter of the financial year 2021-22 revenue and witnessed a 77 percent year-on-year growth for the quarter. To support the domestic market requirement during the second wave of COVID-19, the company ramped up the supply of essential drugs like remdesivir and enoxaparin, it added.
The rest of the World’s markets have seen a robust growth of 51 percent in line with the company’s increased focus on geographic expansion, Gland Pharma said.
The company also said that its board has approved the appointment of Udo Johannes Vetter as an Independent Director, with effect from July 21, 2021, for a tenure of five years.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.