Gland Pharma shares rally over 9%; at 52-week high after Q1 earnings

Shares of Gland Pharma on Thursday jumped over 9 per cent after the company reported an 11.83 per cent increase in its consolidated net profit for the quarter ended June 30, 2021.

It zoomed 8.98 per cent to close at Rs 4,143.60 at the BSE. During the day, it jumped 9.62 per cent to Rs 4,168-- its 52-week high.

On the NSE, it rallied 9.27 per cent to close Rs 4,146.70. Drug firm Gland Pharma on Wednesday reported an 11.83 per cent increase in its consolidated net profit to Rs 350.7 crore for the quarter ended June 30, 2021, on account of robust sales in all markets.

The company had posted a net profit of Rs 313.6 crore for the corresponding period of the previous fiscal, Gland Pharma said in a regulatory filing.

Consolidated revenue from operations of the company stood at Rs 1,153.9 crore for the quarter under consideration. It was Rs 884.2 crore for the same period a year ago, it added.

"In spite of the challenges from the second wave of COVID in the country, in terms of manpower availability and supply chain bottlenecks, Gland Pharma has managed to deliver strong quarterly results," Gland Pharma Managing Director and Chief Executive Officer Srinivas Sadu said.