Glenmark Pharmaceuticals surged 5.32% to Rs 628 at 9:46 IST on BSE after consolidated net profit jumped 43.65% to Rs 184.84 crore on 20.08% growth in revenue to Rs 1486.94 crore in Q1 June 2014 over Q1 June 2013.
The Q1 result was announced after market hours on Thursday, 24 July 2014.
Meanwhile, the S&P BSE Sensex was down 26.16 points or 0.1% at 26,245.69.
On BSE, so far 99,000 shares were traded in the counter as against average daily volume of 1.05 lakh shares in the past two weeks.
The stock hit a high of Rs 632.65 and a low of Rs 609 so far during the day.
Glenmark Pharmaceuticals' consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) surged 38.16% to Rs 342.33 crore in Q1 June 2014 over Q1 June 2013.
Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said, "We have delivered strong results backed by good performances by our India, Rest of the World, Europe and Latin America (LATAM) businesses. While we outperformed in the Indian Pharmaceutical market with a growth of over 20%; our Rest of the World business led by Russia and LATAM operations bounced back strongly in this quarter with growth rates of over 20% and 30% respectively. We have been making steady progress in our innovation pipeline and now have three first-in-class monoclonal antibodies (mAb) in clinical development. It is encouraging to note that very few companies around the world have three first-in-class mAbs in clinical development. The inauguration of a new monoclonal antibody manufacturing facility in Switzerland was an important development during this quarter which now gives us end-to-end capabilities for the discovery and development of novel monoclonal antibodies".
Glenmark Pharmaceuticals (GPL) 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 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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