Glenmark Pharma share price jumps 4% after Q2 profit at Rs 255 cr

Glenmark

Glenmark Pharma share price jumped over 4 percent intraday on November 15 after the company had reported a consolidated net profit to Rs 255.54 crore for the second quarter ended in September. The company posted a net profit of Rs 414 crore in the July-September quarter a year ago, Glenmark Pharmaceuticals said in a BSE filing.

The net sales of the company stood at Rs 2,763.73 crore, up 8.81 percent, during the period under review as against Rs 2,539.85 crore of the corresponding quarter previous fiscal.

“The net profit is not comparable to the previous corresponding quarter on account of an exceptional income of Rs 167.18 crore recorded in the second quarter of the previous financial year,” a company statement said.

Commenting on the results, Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said,” We have rebounded strongly in the second quarter with most of our businesses recording good growth. The India business has continued to witness strong growth while the US sales have grown quarter over quarter sequentially. The Latam business has also recovered well in the second quarter.”

The stock tanked over 50 percent in the last one year but, after the Q2 results, it was quoting at Rs 294.80, up Rs 12.50, or 4.43 percent. It has touched an intraday high of Rs 304.25 and an intraday low of Rs 293.20. The stock also witnessed spurt in volume by more than 2.02 times.

News Source: Moneycontrol

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