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

Glenmark Life Sciences Ltd in India reported a 48% increase in fourth-quarter profit on Thursday, owing to growth in its mainstay business of producing active pharmaceutical ingredients (API) for drugs. The Mumbai-based pharmaceutical company's profit increased to 1.46 billion rupees ($17.86 million) in the three months ended March 31, up from 989 million rupees in the previous quarter, according to a regulatory filing.

The company, which was spun off from Glenmark Pharmaceuticals Ltd in 2019 to focus on the API business, said total revenue from operations increased by nearly 21% to 6.21 billion rupees in the third quarter. APIs are biologically active components of a drug that aid in the desired health effects. Glenmark Life Sciences' API business revenue increased 15.5% year on year, accounting for roughly 90% of total revenue. APIs for drugs used to treat ailments such as cardiovascular and central nervous system diseases, as well as diabetes, are manufactured by the company, whose clients include Aurobindo Pharma Ltd and Torrent Pharmaceuticals Ltd. Glenmark Life Sciences' stock finished 3.4% higher on Thursday, ahead of the results.