Glenmark Pharma gets healthier after posting robust Q1 results

Glenmark Pharmaceuticals rose 1.15% to Rs 724 at 14:10 IST on BSE after consolidated net profit surged 47.01% to Rs 333.38 crore on 19.99% rise in revenue to Rs 2363 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours yesterday, 27 July 2017.

Meanwhile, the BSE Sensex was down 178.25 points, or 0.55%, to 32,205.05.

High volumes were witnessed on the counter. On the BSE, 3.45 lakh shares were traded in the counter so far, compared with average daily volumes of 1.56 lakh shares in the past one quarter. The stock had hit a high of Rs 748 and a low of Rs 719 so far during the day. The stock had hit a 52-week high of Rs 993 on 1 November 2016. The stock had hit a 52-week low of Rs 600 on 29 May 2017.

The stock has gained 5.09% in four sessions to its ruling price from a close of Rs 688.90 on 24 July 2017.

The stock had outperformed the market over the past one month till 27 July 2017, gaining 13.68% compared with 4.6% rise in the Sensex. The scrip, had, however, underperformed the market in past one quarter, falling 18.98% as against Sensex's 7.84% rise. The scrip had also underperformed the market in past one year, dropping 15.86% as against Sensex's 15.55% rise.

The large-cap company has equity capital of Rs 28.22 crore. Face value per share is Re 1.

Glenmark Pharmaceuticals' consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) grew by 30.27% at Rs 592.73 crore in Q1 June 2017 over Q1 June 2016.

Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said that despite challenges in India and US markets, the performance of these businesses have been good. In India, the company continues to be one of the fastest growing company in the pharma market. In the US, after a steady stream of product approvals in the first quarter, the base business has rebounded well.

He added further that during Q1 June 2017, for GSP 301, the company received confirmation that the data from phase 3 trial is sufficient to support a new drug application (NDA) filing. This is an important milestone as GSP 301 will be the company's first NDA to be filed in the US.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization headquartered at Mumbai, India. The company is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). It has several molecules in various stages of clinical development and is primarily focused in the areas of oncology, dermatology and respiratory.

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