Glenmark reports strong growth everywhere but the USA
India-based generics manufacturer Glenmark has seen its consolidated revenue increase by more than 20% in the quarter ending June 2014 to 14,869 million rupees ($248 million).
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 38.16% in the period, to 3,423.32 million rupees ($57 million). Glenmark’s consolidated net profit was 1,848.46 million rupees compared to 1286.76 rupees, an increase of 43.7%.
The company saw increased sales across all geographical areas in which it operates, although sales in the USA were more sluggish than elsewhere. Sales for the formulation business in India for the quarter were 3,971.6 million rupees, a growth of 20.9%. Analysts had expected domestic sales to increase 18%-20% this year.
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