Glenmark Pharmaceuticals Profit Increases 23%

Glenmark Pharmaceuticals Ltd. said Tuesday its first-quarter consolidated net profit rose 23% as it benefited from robust sales, especially in the U.S. and India. Consolidated net profit for the quarter through June grew to 2.10 billion rupees ($47.4 million) from 1.71 billion rupees a year earlier, the drug maker said. Consolidated sales rose 27% to 8.68 billion rupees from 6.82 billion rupees. The numbers conform to International Financial Reporting Standards. Profit was higher than the 872 million rupees forecast by brokerage Motilal Oswal Securities Ltd. Glenmark shares rose on the results to close 2.6% higher at 337.60 rupees in a Mumbai market that finished 1.9% lower.