Glenmark Pharmaceuticals limited

Unaudited Financial Results for the quarter ended June 30, 2009

(Rs. in Lakhs)

Standalone

Consolidated

Quarter ended

Year ended

Quarter ended

Year ended

Particulars

June 30, 2009

June 30, 2008

March 31, 2009

June 30, 2009

June 30, 2008

March 31, 2009

(Unaudited)

(Audited)

(Unaudited)

(Audited)

(a) Net Sales / Income from Operations

21,995.92

19,397.51

85,529.13

54,368.76

46,082.49

209,301.68

(b) Other Operating Income

13.91

17.25

81.46

504.63

128.45

2,852.25

22,009.83

19,414.76

85,610.59

54,873.39

46,210.94

212,153.93

Expenditure

a. (Increase)/Decrease in Stock in Trade and work in process

351.43

(223.35)

(1,516.20)

4,177.55

517.98

(21,117.03)

b. Consumption of Materials

4,292.99

3,606.86

17,289.71

11,571.29

10,694.27

49,828.52

c. Purchase of traded goods

1,308.23

1,328.31

6,872.27

2,012.51

1,493.93

37,749.02

d. Employees Cost

2,761.27

3,575.44

12,983.32

8,206.86

7,286.44

31,227.23

e. Depreciation

528.44

431.98

1,910.45

3,115.29

2,153.12

10,268.27

f. Other expenditure

12,655.69

6,388.95

27,787.96

16,264.16

11,993.44

66,115.56

g. Total

21,898.05

15,108.19

65,327.51

45,347.66

34,139.18

174,071.57

Profit from Operations before Other Income,

111.78

4,306.57

20,283.08

9,525.73

12,071.76

38,082.36

Interest & Exceptional Items ( 1-2 )

Other Income

187.70

27.00

9,867.77

254.61

963.23

14,548.91

Profit before Interest & Exceptional Items

299.48

4,333.57

30,150.85

9,780.34

13,034.99

52,631.27

( 3+4 )

Interest ( net )

198.13

948.88

5,513.86

4,383.76

1,551.51

14,047.66

Profit after Interest but before Exceptional Items

101.35

3,384.69

24,636.99

5,396.58

11,483.48

38,583.61

( 5-6 )

Exceptional items

29.80

11,695.48

Profit/(Loss) from Ordinary Activities

101.35

3,354.89

24,607.19

5,396.58

11,483.48

26,888.13

before tax ( 7-8 )

10.

Taxation

- Provision for Tax

105.51

481.05

3563.2*

853.41

2,157.17

7419.54*

- Deferred Tax

(526.16)

(2,809.73)

(748.64)

(802.29)

(2,211.37)

121.30

11.

Net Profit/(Loss) from Ordinary Activities

522.00

5,683.57

21,792.63

5,345.46

11,537.68

19,347.29

after tax ( 9-10 )

12.

Paid-up Equity Share Capital

2,505.86

2,501.07

2,505.20

2,505.86

2,501.07

2,505.20

(Face value per share Re.1)

13.

Reserves Excluding Revaluation Reserves

120,491.85

157,310.44

14.

Earning Per Share

Basic Earnings Per Share (in rupees)

0.21

2.28

8.72

2.11

4.63

7.74

Diluted Earnings Per Share (in rupees)

0.20

2.23

8.54

2.07

4.53

7.58

15.

Public Shareholding

Number of Shares

120,090,979

119,697,120

120,024,179

120,090,979

119,697,120

120,024,179

Percentage of Shareholding

47.92%

47.86%

47.91%

47.92%

47.86%

47.91%

16.

Promoters and promoter group Shareholding

a) Pledged/Encumbered

- Number of shares

Nil

N.A.

Nil

N.A.

Nil

- Percentage of shares (as a % of the total shareholding of

Nil

N.A.

Nil

N.A.

Nil

promoter and promoter group)

- Percentage of shares (as a% of the total share capital of the

Nil

N.A.

Nil

N.A.

Nil

company)

b) Non-encumbered

- Number of Shares

130,495,579

N.A.

130,495,579

N.A.

130,495,579

- Percentage of shares (as a% of the total shareholding of

100.00%

N.A.

100.00%

N.A.

100.00%

promoter and promoter group)

- Percentage of shares (as a % of the total share capital of the

52.08%

N.A.

52.09%

52.08%

N.A.

52.09%

company)

* includes Prior Period Tax

Notes:

The above results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on July 27, 2009.

The Statutory Auditors have carried out a limited review of the Standalone result for the quarter ended June 30, 2009.

The Company is exclusively in the Pharmaceutical business segment.

In the Standalone result, Net sales includes export sales Rs. 5,700.64 lakhs (Previous period Rs. 5,425.24 lakhs).

During the quarter ended June 30, 2009, pursuant to Employee Stock Option Scheme 2003, the Company has converted 65,800 options into equity shares of Re. 1 each. As at June 30, 2009, 3,537,160 options were outstanding, which upon exercise are convertible into equivalent number of equity shares.

In the Standalone result, As per the transitional provision given in the notification issued by Ministry of Corporate Affairs dated March 31, 2009 the Company has opted for the option of adjusting the exchange difference on long term foreign currency monetary items
i) To the cost of the assets acquired out of this foreign currency monetary item. During the quarter, company has decapitalised exchange difference amounting to Rs. 60.45 lakhs on restatement of long term loans used for acquiring the fixed assets.
ii) To the Foreign Currency Monetary Item Translation Difference account. During the quarter, company has transferred exchange gain of Rs. 1,331.27 lakhs (net after amortisation) on restatement of long term loans.
Accordingly, proportionate amount of Rs. 159.22 lakhs is amortised for the quarter ended June 30, 2009.
Due to the above, profit for the quarter is lower by Rs. 1,550.94 lakhs.

In Standalone result, other expenditure includes Foreign currency exchange loss of Rs. 5,227.89 lakhs for the quarter ended June 30, 2009 (Previous period Rs. 12.66 lakhs).

During the quarter, the Company acquired a manufacturing unit at Nalagarh, Himachal Pradesh for a consideration of Rs. 2,000 lakhs.

There were no investor complaints pending at the beginning of the quarter. One complaint was received from investors during the quarter and same has been resolved.

Diluted EPS includes provision for conversion of FCC Bonds and ESOPs.

Previous period's figures have been re-grouped/ re-classified wherever necessary.

For and on behalf of the Board of Directors

Mumbai, July 27, 2009

Glenn Saldanha

Visit us at www.glenmarkpharma.com

Managing Director & CEO