Glenmark Pharma in the pink of health after Q3 results

Glenmark Pharmaceuticals rose 1.52% to Rs 516.80 at 9:15 IST on BSE after consolidated net profit rose 1.55% to Rs 216.23 crore on 15.92% growth in revenue to Rs 1601.22 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced after market hours on Friday, 24 January 2014.

Meanwhile, the S&P BSE Sensex was down 276.75 points or 1.31% at 20,856.81.

On BSE, so far 2,349 shares were traded in the counter as against average daily volume of 86,377 shares in the past one quarter.

The stock hit a high of Rs 516.90 and a low of Rs 513.50 so far during the day. The stock had hit a 52-week high of Rs 612 on 12 July 2013. The stock had hit a 52-week low of Rs 458 on 28 March 2013.

 

The stock had underperformed the market over the past one month till 24 January 2014, declining 6.04% compared with the Sensex's 0.48% rise. The scrip had also underperformed the market in past one quarter, sliding 7.15% as against Sensex's 1.97% rise.

The large-cap company has equity capital of Rs 27.12 crore. Face value per share is Re 1.

Glenmark Pharmaceuticals (Glenmark) said that the net profit for the quarter is not comparable due to out-licensing income of Rs 49.30 crore received in Q3 December 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) excluding out-licensing income surged 34.75% to Rs 364.97 crore in Q3 December 2013 over Q3 December 2012.

Revenue from the Generics business rose 24.73% to Rs 737.26 crore in Q3 December 2013 over Q3 December 2012. The Specialty Formulation business excluding out-licensing revenue rose 16.62% to Rs 863.95 crore in Q3 December 2013 over Q3 December 2012.

Commenting on the company's Q3 performance, Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said, "Despite challenges in the operating environment, we have registered good growth in both our Speciality and Generics Businesses across the globe. We are reasonably confident of maintaining our growth trajectory with our emerging markets businesses being a key growth driver going ahead. Our Innovation R&D Business has also been making steady progress with our 4 NCE and 3 NBE molecules at various stages of clinical development".

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).

Powered by Capital Market - Live News