Glenmark Pharma share price jumps 7% today on upbeat April-June quarter results

By: |
August 17, 2020 10:57 AM

Glenmark Pharma's consolidated revenue stood at Rs 2,344.78 crore for the April-June quarter. The company had reported Rs 2,322.87 crore consolidated revenue in the year-ago period.

Glenmark pharmaGlenmark Pharmaceuticals became the first company in India to have received the regulator’s approval for 400 mg dosage form

Glenmark Pharma share price jumped 7 per cent to Rs 508.5 apiece in early trade on BSE, after the company’s consolidated net profit more than doubled to Rs 254.04 crore in the April-June quarter. The company had reported a net profit of Rs 109.28 crore in the corresponding quarter of preceding fiscal. The stock price is over 11 per cent off from its 52-week high of Rs 572.70 touched in June this year. Earlier this month, Glenmark Pharmaceuticals became the first company in India to have received the regulator’s approval for 400 mg dosage form. The company announced that it will introduce a 400 mg version of oral antiviral FabiFlu®, for the treatment of mild to moderate COVID-19 in India.

Around 10.30 AM, Glenmark Pharmaceuticals shares were trading 2.36 per cent higher at 486.60 apiece, as compared to a 0.29 per cent rise in the benchmark S&P BSE Sensex. Glenmark Pharma’s consolidated revenue stood at Rs 2,344.78 crore for the April-June quarter. The company had reported Rs 2,322.87 crore consolidated revenue in the year-ago period. While Glenmark Pharmaceuticals’ earnings before interest, tax, depreciation, and ammortisation (Ebitda) rose 39.8 per cent on-year while margins rose to 20.4 per cent from 14.7 per cent last year.

Glenmark Pharma’s sales from the formulation business in India for the first quarter was at Rs 779.89 crore as against Rs 752.21 crore in the previous corresponding quarter, recording growth of 3.68 per cent. “It has been a challenging quarter across all markets due to the ongoing pandemic. Despite the difficult operating environment, we managed to record sales growth for the organisation. We focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year” said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Ltd.

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