Glenmark Pharmaceuticals has rallied 6% to Rs 359 after the management has given a strong FY13 guidance of 22-25% growth in revenue and 19-20% EBITDA (earnings before interest, taxes, depreciation and amortization) margin.
Meanwhile, the pharmaceutical company has reported 33% year-on-year growth in consolidated net profit at Rs 150 crore, on back of 34% growth in net sales 1,066 crore during the quarter under review.
“Gross margin declined by 180bps on quarter-on-quarter owing to adverse product mix, but is expected to correct going forward due to high-margin product launches in the US and higher contribution from profitable geographies (India, LatAm),” the analyst at Nirmal Bang institutional equities in its recent research report.
The stock opened at Rs 342 and hit a high of Rs 360 on the National Stock Exchange. As many as a combined 455,709 shares have already changed hands on the counter till morning trades, against an average 650,000 shares that were traded daily in past two weeks on both the exchanges.