India's Glenmark Life Sciences says Q4 profit soars 48% on API boost

Alivus Life Sciences

27/04/2023 13:53

BENGALURU, April 27 (Reuters) - India's Glenmark Life
Sciences Ltd  GLEM.NS  said on Thursday its fourth-quarter
profit surged 48%, helped by growth in its mainstay business of
making active pharmaceutical ingredients (API) for drugs.
    The Mumbai-based drug maker's profit rose to 1.46 billion
rupees ($17.86 million) in the three months ended March 31, from
989 million rupees in the year-ago quarter, the company said in
a regulatory filing. 
    The company, spun off from Glenmark Pharmaceuticals Ltd
 GLEN.NS  in 2019 to focus on the API business, said total
revenue from operations jumped nearly 21% to 6.21 billion rupees
in the quarter.
    APIs are key biologically active elements in a drug that
help with the desired health effects.
    Revenue from Glenmark Life Sciences's API business, which
accounts for about 90% of total revenue, grew 15.5% from last
year.
    The company, whose clients include Aurobindo Pharma Ltd
 ARBN.NS  and Torrent Pharmaceuticals Ltd  TORP.NS , makes APIs
for drugs used to treat ailments such as cardiovascular and
central nervous system diseases as well as diabetes.
    Glenmark Life Sciences' shares closed 3.4% higher on
Thursday, ahead of the results.
 
 ($1 = 81.7640 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru; Editing by Savio
D'Souza)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))