Glenmark Pharmaceuticals fell 1.57% to Rs 584.10 at 10:28 IST on BSE after consolidated net profit slumped 75% to Rs 43.07 crore on 27.1% increase in total income to Rs 1691.49 crore in Q4 March 2014 over Q4 March 2013.
The company made the announcement after market hours on Thursday, 8 May 2014.
Meanwhile, the BSE Sensex was up 219.06 points, or 0.98%, to 22,563.10.
On BSE, so far 32,000 shares were traded in the counter, compared with an average volume of 40,835 shares in the past one quarter.
The stock hit a high of Rs 596.80 and a low of Rs 577.90 so far during the day. The stock hit a 52-week high of Rs 640.35 on 2 May 2014. The stock hit a 52-week low of Rs 489.10 on 27 November 2013.
The stock had outperformed the market over the past one month till 8 May 2014, rising 0.32% compared with no change in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 5.43% as against Sensex's 9.66% rise.
The large-cap company has an equity capital of Rs 27.12 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals said that the net profit is not comparable with the corresponding period due to exceptional item of Rs 217.53 crore in Q4 March 2014 on account of the provision made by Glenmark Generics Inc., USA towards the claims (including incidental expenses) of Abbott Laboratories in the patent litigation in respect of "TARKA".
On a consolidated basis, Glenmark Pharmaceuticals' net profit fell 12.54% to Rs 542.27 crore on 19.78% increase in total income to Rs 6016.68 crore in the year ended March 2014 over the year ended March 2013.
The company said its US business grew at 16.71% to Rs 500.85 crore in Q4 March 2014 and 20.03% to Rs 2027.02 crore in the year ended March 2014 (FY 2014).
India business grew at 7.88% to Rs 382.99 crore in Q4 March 2014 and 15.34% to Rs 1510.48 crore in FY 2014.
Rest of World (ROW) business grew at 49.33% to Rs 342.53 crore in Q4 March 2014 and 16.20% to Rs 986.90 crore in FY 2014.
Europe Formulations business grew at 29.51% to Rs 193.20 crore in Q4 March 2014 and 35.91% to Rs 506.07 crore in FY 2014.
API (Active Pharmaceutical Ingredient) business grew at 63.08% to Rs 153.06 crore in Q4 March 2014 and 34.63% to Rs 535.34 crore in FY 2014.
"We have reported another year of strong growth fuelled by good performances across our key markets like the US, India and Europe; including our API business. Infact, we have consistently grown our topline by over 20% year on year for the past three years," said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals. "We have also made steady progress on our innovation pipeline especially on the novel biologics front; one of the highlights being GBR 900 - the first anti-TrkA monoclonal anti-body to enter clinical development," he added.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. It is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of Inflammation [asthma/COPD, rheumatoid arthritis etc.] and Pain [neuropathic pain and inflammatory pain].
The company has a significant presence in branded generics markets across emerging economies including India. GPL along with its subsidiary has 14 manufacturing facilities in four countries and has six R&D centers. Its subsidiary, Glenmark Generics Limited services the requirements of the US and Western Europe generics markets. The API business sells its products in over 80 countries, including the US, various countries in the EU, South America and India.
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