Glenmark Pharmaceuticals rose 2.09% to Rs 925.35 at 10:35 IST on BSE after net profit rose 3.46% to Rs 223.59 crore on 15.67% rise in net sales to Rs 2173.18 crore in Q2 September 2016 over Q2 September 2015.
The result was announced after market hours yesterday, 27 October 2016.Meanwhile, the BSE Sensex was up 63.64 points, or 0.23%, to 27,979.54.
On BSE, so far 21,000 shares were traded in the counter, compared with average daily volume of 65,000 shares in the past one quarter. The stock hit a high of Rs 938 and a low of Rs 911 so far during the day. The stock hit a 52-week high of Rs 1,001.65 on 30 October 2015. The stock hit a 52-week low of Rs 671.50 on 12 February 2016. The stock had underperformed the market over the past 30 days till 27 October 2016, falling 4.33% compared with 1.33% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 5.39% as against Sensex's 0.48% decline.
The large-cap company has equity capital of Rs 28.22 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals' consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 11.15% to Rs Rs 448.76 crore in Q2 September 2016 over Q2 September 2015.
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Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said that the US, India, rest of the world (ROW) and the active pharma ingredients (API) business have done well in the first half of the financial year. The strong growth witnessed by the US business is on account of a number of product approvals received by the organization over the last 18 months. The overall business has gained good traction especially across key geographies. The entire emerging markets business ex India which got severely hit in the past few years on account of currencies is also recuperating well.
Sales for the formulation business in India rose 10.91% to Rs 674.93 crore in Q2 September 2016 over Q2 September 2015. Glenmark Pharmaceuticals Inc., U.S.A. registered revenue from the sale of finished dosage formulations rose 28.87% to Rs 771.20 crore in Q2 September 2016 over Q2 September 2015. Revenue from Africa, Asia and CIS region rose 20.38% to Rs 253.84 crore in Q2 September 2016 over Q2 September 2015. Glenmark Europe's operations revenue fell 16% to Rs 134.69 crore in Q2 September 2016 over Q2 September 2015. Glenmark's revenue from its Latin American and Caribbean operations fell 19.24% to Rs 133.79 crore in Q2 September 2016 over Q2 September 2015.
Revenue from sale of API to regulated and semi-regulated markets globally rose 33.74% to Rs 221.34 crore in Q2 September 2016 over Q2 September 2015. Glenmark filed two US DMF during the quarter. The good growth was contributed by sale of Lercanidipine, Adapalene, Amiodarone.
Glenmark Pharmaceuticals (GPL) is a research-driven, global, integrated pharmaceutical company.
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