PremiumDrug firm Gland Pharma on Monday reported a 34 per cent rise in its consolidated net profit to ₹260.4 crore for the fourth quarter ended March 2021, on account of robust sales.
The company had posted a net profit of ₹194.8 crore for the corresponding period of the previous fiscal, Gland Pharma said in a BSE filing.
Premium Premium Consolidated revenue from operations of the company stood at ₹887.7 crore for the quarter under consideration. It was ₹635.2 crore in the year-ago period, it added.
For the full fiscal ended March this year, the company posted a net profit of ₹997 crore as against ₹772.9 crore in the previous fiscal, Gland Pharma said.
Consolidated revenue from operations for the financial year ended March 2021 was ₹3,462.9 crore. It was ₹2,633.2 crore in the preceding fiscal, it added.
"Overall the business has performed well and grew steadily during these challenging times," Gland Pharma MD and CEO Srinivas Sadu said.
The new vaccine business is expected to accelerate the company's long-term strategy of entering into the Biosimilar space, he added.
The company's board has approved the appointment of Naina Lal Kidwai as an additional and independent director, with effect from May 17, 2021, for a tenure of 5 years, the filing said.
It has also approved the appointment of Allen Zhang as an additional and non-independent non-executive director, with effect from May 17, 2021, as a director liable to retire by rotation, it added.
Earlier, Gland Pharma said it has received approval from the US health regulator for its generic Foscarnet Sodium injection indicated for treatment of cytomegalovirus retinitis in patients with AIDS.
The company has received "approval from the United States Food and Drug Administration (USFDA) for its Foscarnet Sodium injection, 6000 mg/250 mL (24 mg/mL) single-dose bag for infusion", Gland Pharma said in a regulatory filing.
The product is a generic version of Clinigen Healthcare's Foscavir injection, 24 mg/mL.
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