Stocks

Glenmark Pharma jumps nearly 8% after Q2 earnings

PTI New Delhi | Updated on November 15, 2019 Published on November 15, 2019

Shares of Glenmark Pharmaceuticals on Friday zoomed nearly 8 per cent after the company posed a profit of ₹255.45 crore in the September quarter. The stock zoomed 7.77 per cent to ₹304.25 on the BSE. On the NSE, it rose 7.94 per cent to ₹304.45.

Drug firm Glenmark Pharmaceuticals Ltd on Thursday reported a consolidated net profit to ₹255.54 crore for the second quarter ended on September, 2019.

The company had posted a net profit of ₹414 crore in the July-September quarter a year ago, Glenmark Pharmaceuticals said in a BSE filing.

The net profit is not comparable to the previous corresponding quarter on account of an exceptional income of ₹167.18 crore recorded in the second quarter of the previous financial year, the company said.

Commenting on the results Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said, “We have rebounded strongly in the second quarter with most of our businesses recording good growth. The India business has continued to witness strong growth while the US sales have grown quarter over quarter sequentially. The Latam business has also recovered well in the second quarter.

Net sales of the company stood at ₹2,763.73 crore, up 8.81 per cent, during the period under review as against ₹2,539.85 crore of the corresponding quarter previous fiscal.

Published on November 15, 2019
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