Glenmark Pharmaceuticals today said its consolidated net profit declined by 46.70 per cent to Rs 46.11 crore for the quarter ended December 31, 2011 over the same period last fiscal due to forex loss.

Net profit for the quarter ended December 31, 2010 was at Rs 86.52 crore, Glenmark Pharmaceuticals said in a statement.

The company said it took a hit of Rs 102 crore on dollar denominated loans due to rupee depreciation.

During the quarter, net sales stood at Rs 1,031.08 crore as against Rs 748.64 crore in the corresponding period previous fiscal, it added.

Commenting on the results Glenmark Pharmaceuticals Chairman & MD Glenn Saldanha said: "Despite a challenging global environment, we have registered strong revenue growth of 38 per cent for the third quarter".

Revenue from the generics business stood at Rs 436.83 crore for the quarter as against Rs 300.63 crore for the same period last fiscal.

The speciality formulation business had a revenue of Rs 584.53 crore during the period under review as against Rs 435.66 crore for the corresponding period previous fiscal.

In India, sales of specialty formulations business for the third quarter stood at Rs 254.67 crore as compared to Rs 228.79 crore for the same period last fiscal.

In Africa, Asia and CIS region revenue for the same during the quarter under consideration stood at Rs 157.13 crore as against Rs 106.20 crore in the year-ago period.

"All our operating regions have registered double digit growth with the US, Europe, Latin America, and ROW (rest of the world) businesses recording over 45 per cent sales growth," Saldanha said.

In the generic business, the company's US subsidiary Glenmark Generics Inc registered revenues of Rs 319.02 crore for the quarter under consideration as against Rs 204.08 crore in the same period last fiscal.

The company's generic business continued to expand in Europe and in Latin America for the third quarter this fiscal as against the corresponding period last fiscal.

The company has a pipeline of six new chemical entities and new biological entities under clinical trials, including the in-licensed molecule 'Crofelemer', the company said.

Shares of Glenmark Pharmaceuticals today closed at Rs 312.15 on BSE, down 0.45 per cent from its previous close.