Glenmark Pharma is doing very well today morning; it has been the top gainer on the BSE since the morning. The stock is up 5.7% at Rs.538 levels, its intra day high. Volumes are up over 2 times.

The stock is up on the back of exuberant Q3FY14 numbers. Its consolidated net profit rose 1.55% to Rs 216.23 crore on 16 % (YoY) growth in revenue at Rs 1601 crore. The company has stated that Net Profit (after taxes and minority interests) for the third quarter was not comparable with that of Q3FY13 due to out-licensing income of Rs.49 crore received in the previous Q3. EBIDTA excluding out-licencing income grew by 35% at Rs.3650 crore.

Revenue from the Generics Business was at Rs.737 crore, up 25% and the Specialty Formulation Business excluding out-licensing revenue was at Rs.864 crore, up 17%. Its innovation R&D Business has also been making steady progress with 4 NCE and 3 NBE molecules at various stages of clinical development.

In terms of geographic distribution, sales from Formulation business in India was up 15% while revenue from Africa, Asia and CIS region also grew 15%. Latin American and Caribbean revenues grew 12%.

In generic business, U.S.A. registered a 19% rise in revenue from sale of finished dosage formulations and that from Europe was up by a whopping 72%. Revenue from sale of API to regulated and semi-regulated markets globally grew 28%.