Glenmark Pharma gains after reporting decent Q1 results

Glenmark Pharmaceuticals rose 4.06% to Rs 995.15 at 9:45 IST on BSE after consolidated net profit rose 3.31% to Rs 190.93 crore on 13.6% growth in revenue excluding out-licensing income to Rs 1655.24 crore in Q1 June 2015 over Q1 June 2014.

The result was announced after market hours yesterday, 30 July 2015.

Meanwhile, the BSE Sensex was up 193.74 points, or 0.7%, to 27,899.09.

On BSE, so far 30,695 shares were traded in the counter, compared with an average volume of 83,854 shares in the past one quarter.

Shares of pharma company hit a high of Rs 996.70 and a low of Rs 967.80 so far during the day. The stock hit a record high of Rs 1,105 on 17 July 2015. The stock hit a 52-week low of Rs 645.50 on 30 July 2014.

Glenmark Pharmaceuticals received out-licensing income of Rs 29.90 crore in Q1 June 2014. The company's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 5.03% to Rs 359.57 crore in Q1 June 2015 over Q1 June 2014.

Commenting on the company's Q1 performance, Glenn Saldanha, Chairman & MD of Glenmark Pharmaceuticals said that the company recorded good growth during the quarter for its India, US LatAm and Europe businesses. While the company continues to outperform in the Indian pharmaceuticals market, its US business also registered decent growth in the quarter aided by ANDA approvals for six products, Saldanha said. The company's LatAm business performed exceedingly well with Brazil, Mexico and Venezuela recording good sales growth. Glenmark has also been making steady progress in its innovation pipeline as it persists with its relatively high investments on R&D to build both its novel as well as generics products pipeline, Saldanha said in a statement.

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