Glenmark Pharma advances after strong Q1 performance

Glenmark Pharmaceuticals rose 3.82% to Rs 493.55 after the company's consolidated net profit surged to Rs 254.04 crore in Q1 June 2020 from Rs 109.28 crore in Q1 June 2019.

The company's consolidated revenue increased by 0.94% to Rs 2,344.78 crore in the June quarter from Rs 2,322.87 crore in the corresponding period last fiscal. EBITDA (excluding other income) was at Rs 478.06 crore in the quarter ended 30 June 2020 as against Rs 341.91 crore in the previous corresponding quarter, registering an increase of 39.82%.

Glenmark's India Business grew by 3.68% year-on-year (YoY) to Rs. 779.89 crore, Europe Business grew by 12.77% YoY to Rs 273.87 crore, US Business grew by 1.61% YoY to Rs 742.64 crore and the API Business grew by 1.83% YoY to Rs 234.83 crore during the quarter. However, during the same period, Glenmark's ROW Business experienced de-growth of 18.05% the revenue fell to 212.01 crore in Q1 FY21 over Q1 FY20.

Glenn Saldanha, chairman & MD, Glenmark Pharmaceuticals, said: 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 (GPL) is a global research-led pharmaceutical company with presence across generics, specialty and OTC business with operations in over 50 countries. The company's key therapy focus areas globally are respiratory, dermatology and oncology.

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