Stocks

Glenmark Pharma shares jump 7% on strong Q1 results

PTI New Delhi | Updated on August 17, 2020

Shares of Glenmark Pharmaceuticals on Monday gained seven per cent after the company posted an over two-fold increase in consolidated net profit for the first quarter ended June.

The stock rose by 6.96 per cent to ₹508.50 on the BSE. At the NSE, it jumped 7 per cent to ₹509.

Glenmark Pharmaceuticals on Friday posted an over two-fold increase in consolidated net profit at ₹254.04 crore for the quarter ended June.

The company had reported a net profit of ₹109.28 crore for the April-June period of 2019-20.

Consolidated revenue stood at ₹2,344.78 crore for the first quarter, as compared to ₹2,322.87 crore in the year-ago period, Glenmark Pharmaceuticals said in a regulatory filing.

“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,” Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.

The company was the first entity in the country to launch Favipiravir for the treatment of mild-to-moderate Covid-19, he noted.

Published on August 17, 2020

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