Glenmark Pharma drops after weak Q2 numbers

Glenmark Pharmaceuticals lost 1.58% to Rs 553 at 9:17 IST on BSE after consolidated net profit declined 1.56% to Rs 154.29 crore on 16.56% growth in revenue to Rs 1463.06 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced after market hours on Thursday, 31 October 2013.

Meanwhile, the S&P BSE Sensex was up 42.49 points or 0.2% at 21,207.01.

On BSE, 2,381 shares were traded in the counter as against average daily volume of 29,000 shares in the past one quarter.

The stock hit a high of Rs 554 and a low of Rs 545 so far during the day.

Glenmark Pharmaceuticals' revenue from generics business rose 22.51% to Rs 710.65 crore in Q2 September 2013 over Q2 September 2012. Revenue from the specialty formulation business excluding out-licensing revenue grew 9.69% to Rs 740.54 crore in Q2 September 2013 over Q2 September 2012.

Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said, "Despite challenges in the operating environment, we have managed to register decent sales growth of 17% on the back of good performances by our US and India businesses. We have been also making steady progress on the Innovation R&D front with our 4 NCE & NBE molecules in clinical trials. Although the operating environment continues to remain challenging in emerging markets, we are reasonably confident of continuing on the same growth trajectory".

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. It is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity).

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