Glenmark Pharma gains on strong Q3 earnings
Q3 net profit jump five-fold to Rs 213 crore agaisnt Rs 45 crore in a year ago quarter on account of growth across all business verticals.
Glenmark Pharmaceuticals has rallied 6% to Rs 535 in opening deals on NSE after reporting a five-fold jump in its consolidated net profit at Rs 213 crore for the quarter ended December 31, 2013 (Q3) on account of growth across all business verticals. The drug maker had profit of Rs 45 crore in a year ago quarter.
“Consolidated net sales grew 34% to Rs 1,381 crore for the quarter against Rs 1,031 crore for the same period last fiscal,” Glenmark Pharmaceuticals said in a statement.
Analysts on an average had estimated that Glenmark will report profit of Rs 180 crore on revenue of about Rs 1,262 crore for the quarter.
The stock opened at Rs 530 and has seen a combined 700,000 shares changing hands on the counter on NSE and BSE.