The board which met on Monday to declare results also decided to merge its 100 per cent subsidiary - Glenmark Exports Ltd with Glenmark Pharma.

Post-merger turnover of the company works out to Rs 150.12 crore for the same period.

The projections of a sales of Rs 136 crore and a net of Rs 16 crore issued during the initial public offering (IPO) has been outperformed. The company had earlier tapped the capital market with an IPO of Rs 54.30 crore to fund its R&D centre at Thane and USFDA manufacturing project in Goa.

The R&D centre will start functioning from July while the Goa project will be commissioned in October ahead of the schedule, GPL, managing director, Glenn Saldhana said.

The company has invested Rs 12 crore from the proceeds of the public issue into R&D centre. GPL plans to have 12 laboratories of which three are already functional.

GPL has four of its 30 brands, Ascoril, Candid-B, Altacef and Candid,in the ORG top 300 list. The products launched during the year like Elovera, Mumfer tablets and Scalpe Shampoo command a market share of 12.7, 4.9 and 4.4 per cent respectively, the company release said GPL had made investments in the export market by way of registering its brands like Candid in 16 countries and Ascoril in around 10 countries, Saldhana said.

During the year, the company has successfully entered the markets in Ukraine, Zimbabwe, Kazakhstan, Malawi, China, Brazil and Tanzania and expects to reap the benefits in the current year.

The company plans four to six new product launches this year, Saldhana added. He expects turnover to go up by 35 per cent to around Rs 200 crore with significant contribution from exports. The company is also in the process of firming up an international alliance and is currently in talks with two companies intending to enter India, Saldhana said without naming the companies. GPL is interested in acquiring the marketing rights in India as is also looking out for strategic alliances in the field of research, Saldhana said.