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Glenn Saldanha, MD & CEO, Glenmark said the pharma major is growth at the rate of 30% in the Indian market and is confident of maintaining margins ahead.
The drug maker clocked a net profit of Rs 156 crore for the second quarter ended September 30 compared with Rs 56 crore registered in the corresponding quarter last year. But the company's performance in the quarter under review was not comparable with last year's, Glenmark said, due to a Rs 118-crore out-licensing income that was received, a Rs 131-crore royalty paid to Paul Capital and Rs 85 crore mark-to-market loss recorded in the second quarter of the previous financial year.
Saldana said the growth in India business is not a "one-off" but he added that the company may not be able sustain the 35% growth rate in the second half of the year.
Glenmark expects to launch Crofelemer in second of half of FY14, Saldana told CNBC-TV18 in an interview.
Below is the transcript of his interview with CNBC-TV18
Q: Going by what has happened in the first half you should be on your way to beating Rs 900-925 crore EBITDA forecast by quite a margin. Are you thinking of upping those estimates?
A: We do not put out any official guidance. We live it up to the analyst and the street to decide as to where we will finish for the year. We continue to remain confident in terms of how the business is performing and where the margins are going. So, we do not see any factors that will deteriorate margins from here.
Q: But isn’t that Rs 900 - 925 crore for FY13 has come from you?
A: We had put that out when there was a lot of uncertainty in Q4, as we had a margin dip. This was just a broad guideline under which the analysts were working. Officially we do not guide to any specific numbers.
Q: Now that you have done 477 crore in the first half, the same analysts will tell you to do a 1,000 crore EBITDA this year?
A: Sure.
The drug maker clocked a net profit of Rs 156 crore for the second quarter ended September 30 compared with Rs 56 crore registered in the corresponding quarter last year. But the company's performance in the quarter under review was not comparable with last year's, Glenmark said, due to a Rs 118-crore out-licensing income that was received, a Rs 131-crore royalty paid to Paul Capital and Rs 85 crore mark-to-market loss recorded in the second quarter of the previous financial year.
Saldana said the growth in India business is not a "one-off" but he added that the company may not be able sustain the 35% growth rate in the second half of the year.
Glenmark expects to launch Crofelemer in second of half of FY14, Saldana told CNBC-TV18 in an interview.
Below is the transcript of his interview with CNBC-TV18
Q: Going by what has happened in the first half you should be on your way to beating Rs 900-925 crore EBITDA forecast by quite a margin. Are you thinking of upping those estimates?
A: We do not put out any official guidance. We live it up to the analyst and the street to decide as to where we will finish for the year. We continue to remain confident in terms of how the business is performing and where the margins are going. So, we do not see any factors that will deteriorate margins from here.
Q: But isn’t that Rs 900 - 925 crore for FY13 has come from you?
A: We had put that out when there was a lot of uncertainty in Q4, as we had a margin dip. This was just a broad guideline under which the analysts were working. Officially we do not guide to any specific numbers.
Q: Now that you have done 477 crore in the first half, the same analysts will tell you to do a 1,000 crore EBITDA this year?
A: Sure.