Glenmark needs to work harder on reducing its debt.
Glenmark Pharmaceuticals Ltd’s March quarter performance was led by growth in domestic formulations and API (active pharma ingredient) sales. The India business grew 7.7 % year-on-year (y-o-y), while API sales also saw a 26.7% growth.
However, growth in the rest of the geographies was nothing to write home about. The US business grew 5.2% and Latin America sales declined. Besides, European sales growth was tepid and the rest of the world sales were flat, thanks to which overall revenue growth was restricted to just 3.3% y-o-y.
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