Gland Pharma plunges 13%, hits 52-week low on disappointing Q2 results

Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin contracted 150 bps to 33 per cent from 38 per cent in a year ago quarter.

Shares of Gland Pharma hit a 52-week low of Rs 1,942.90 as they plunged 13 per cent on the BSE in Thursday’s intra-day trade after the company reported a 20.14 per cent year-on-year (YoY) decline in its consolidated net profit at Rs 241 crore for the second quarter ended September 30 (Q2FY23), owing to lower sales and higher expenses. The company had posted a consolidated net profit of Rs 302 crore in the same period last fiscal (Q2FY22).

The stock of Gland Pharma fell below its previous low of Rs 2,032.25, touched on October 10, 2022. The stock's record