Glenmark Pharma declines 9% on weak Q3 results

The stock fell 9% to Rs 524, its 52-week low on BSE trade after the company reported 78% fall in its consolidated net profit at Rs 1.05 billion for the quarter ended December 2017.

Glenmark Pharmaceuticals has fallen 9% to Rs 524, its 52-week low on BSE in early morning trade after the company reported 78% fall in its consolidated net profit at Rs 1.05 billion for the quarter ended December 2017 (Q3FY18) on sharp decline of US sales, despite growth in domestic formulations as well as other geographies. It had reported a net profit of Rs 4.77 billion for the previous corresponding quarter.

The consolidated revenue during the quarter under review declined 13% to Rs 22 billion as against Rs 25 billion in the corresponding quarter of previous fiscal.

The analysts