Glenmark Pharmaceuticals has dipped 5% to Rs 297 after its quarterly consolidated net profit almost halved at Rs 46.12 crore for the quarter ended December, on heavy foreign exchange losses from overseas borrowings despite robust sales growth.
The company, which sells generic drugs and develops new molecules, had registered a net profit of Rs 86.54 crore a year earlier. However, net sales during the quarter jumped 38% to Rs 1,031 crore on year-on-year basis.
The decline in net profit during the quarter was on account of mark-to-market losses, which was to the extent of Rs 102 crore due to foreign dollar dominated loans, the pharmaceutical firm said in a filing to the stock exchanges.
The stock opened at Rs 306 and hit a low of Rs 295 on the National Stock Exchange. A combined 522,987 shares have changed hands on the counter so far on the NSE and BSE.