The robust double-digit growth in September follows the recovery in August, and further establishes that the retail market has bounced back. In August, the market had registered a strong growth of nearly 10%, recovering from a dip of 3.6% witnessed in the previous month, July.
The recovery is attributed to growth in acute therapies including anti-infectives and pain medication, while the dip in the market is being attributed to lower sales of acute therapies due to poor monsoons across India.
The industry grew 14.3% in September, data from market research firm IMS showed. The last 12 months rolling growth of the industry is 11.3% (in line with analysts' estimate of industry growth).
Companies like Glenmark (30.3%), and Lupin (16.2%) outperformed the industry growth. While Wockhardt (4.6%), Ranbaxy (10.4%) and GSK (12%) were the key players which underperformed the industry in terms of growth.
For the last nine months, Glenmark has recorded an substantial growth in the domestic market according to the IMS data. This points to the fact that secondary sales momentum in India continues to be strong for the company and will be reflected in primary sales going forward, an analyst from Macquarie says.
Glenmark's India business (25% of top line) grew by 24% year-on-year in Q1FY13, and around 19% year-on-year in FY12.
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