1. Glenmark Pharmaceuticals shares gain over 4% on Q1 results

Glenmark Pharmaceuticals shares gain over 4% on Q1 results

Glenmark Pharmaceuticals shares gained as much as 4.23 per cent on Friday after the company reported 53 per cent rise in standalone net profit at Rs 518.80 crore for the quarter ended June 30, 2016 against Rs 338.57 crore in the corresponding quarter a year ago.

By: | New Delhi | Updated: August 12, 2016 5:19 PM
Glenmark Pharma Glenmark Pharmaceuticals shares gained as much as 4.23 per cent on Friday after the company reported 53 per cent rise in standalone net profit at Rs 518.80 crore for the quarter ended June 30, 2016 against Rs 338.57 crore in the corresponding quarter a year ago. (Reuters)

Glenmark Pharmaceuticals shares gained as much as 4.23 per cent on Friday after the company reported 53 per cent rise in standalone net profit at Rs 518.80 crore for the quarter ended June 30, 2016 against Rs 338.57 crore in the corresponding quarter a year ago. Standalone net total income from operations of the pharma company climbed by 31.49 per cent year-on-year to Rs 1640.87 crore for the quarter under review against Rs 1247.81 crore in the same quarter last year. Total expenditure of Glenmark Pharma rose by 26.48 per cent year-on-year to Rs 1065.44 crore.

At 11.47 am, shares of Glenmark Pharmaceutical were trading 3.89 per cent up at Rs 867.65. The scrip opened the day at Rs 835.15 and has touched a high and low of Rs 869 and Rs 828, respectively, in trade so far. Later, share price of the company ended 1.28 per cent up at Rs 845.80.

Consolidated net profit of the company jumped by 23.95 per cent year-on-year to Rs 226.78 crore for the quarter ended June 30, 2016 against Rs 182.95 crore in the same quarter last year. Consolidated total income of the company jumped by 17.9 per cent year-on-year to Rs 1943.05 crore in April-June 2016 period against Rs 1647.74 crore in the same period last year.

Revenue of the company from Indian and US markets grew by 10.39 per cent and 24.44 per cent year-on-year to Rs 513.77 crore and Rs 698.19 crore, respectively, for the quarter ended June 30, 2016.

Glenn Saldanha, chairman and managing director, Glenmark Pharmaceuticals in a release said, “In the first quarter of this financial year, nearly all our businesses have rebounded strongly and we have seen good growth across all operating regions except Latam. The US business continues to perform well and the recent approvals for the business will ensure the growth momentum will continue. The Europe business performed well due to strong growth witnessed by the UK subsidiary. The ROW region also rebounded strongly due to a solid performance by the Russian business.”

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