Drug firm Glenmark Pharmaceuticals Ltd on Thursday (November 14) reported a net profit of ₹354.4 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Glenmark Pharmaceuticals posted a net loss of ₹180.2 crore, the company said in a regulatory filing.

Revenue from operations increased 7.1% to ₹3,433.7 crore against ₹3,207.3 crore in the year-ago period.

At the operating level, EBITDA surged 30.2% to ₹601.7 crore in the second quarter of this fiscal over ₹462 crore in the corresponding period in the previous fiscal.

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The EBITDA margin stood at 17.5% in the reporting quarter compared to 14.4% in Q2 FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Glenmark Pharma’s formulation business in India reported sales of ₹1,281.7 crore in Q2 FY25, a 13.9% YoY growth from ₹1,125.2 crore in year-ago period. This segment contributed 37.3% to Glenmark’s overall revenue for the quarter.

Within the India business, Glenmark Consumer Care (GCC) achieved primary sales of ₹73.3 crore, reflecting a 15% YoY increase. Candid Powder, a leading brand under GCC, recorded 13% revenue growth and held a 57.4% market share in September 2024.

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In North America, Glenmark reported revenues from finished dosage formulations of ₹740.5 crore, a slight YoY decline of 1.2% from ₹749.8 crore. The North American market contributed 21.6% to the company’s overall revenue in Q2 FY25.

Glenmark’s European operations recorded ₹687.4 crore in revenue, marking a 14.6% increase from ₹599.7 crore in the corresponding quarter last year. The European business contributed 20% of total revenues in Q2 FY25.

Revenue from the Rest of the World (RoW) region, encompassing RCIS, LATAM, MEA, and APAC, was ₹704.1 crore, a decline of 4.1% from ₹733.9 crore in the previous year.

RoW accounted for 20.5% of total revenue in Q2 FY25. Despite subdued growth in the first two quarters, Glenmark expects to close FY25 with high single-digit YoY growth in the RoW segment on a constant currency basis.

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The results came after the close of the market hours. Shares of Glenmark Pharmaceuticals Ltd ended at ₹1,539, up by ₹0.50, or 0.032%, on the BSE.