Glenmark Pharmaceuticals lost 13.42% to Rs 783 at 11:38 IST on BSE after the company reported Q4 March 2017 results after trading hours yesterday, 11 May 2017, which missed market expectations.
Meanwhile, the BSE Sensex was down 63.66 points, or 0.21%, to 30,187.32
On the BSE, so far 7.93 lakh shares were traded in the counter, compared with average daily volumes of 31,483 shares in the past one quarter. The stock had hit a high of Rs 835 and a low of Rs 760 so far during the day. The stock hit a 52-week high of Rs 993 on 1 November 2016. The stock hit a 52-week low of Rs 729.30 on 24 June 2016.
On a consolidated basis, Glenmark Pharmaceuticals' net profit rose 23.49% to Rs 183.76 crore on 10.23% rise in net sales to Rs 2424.41 crore in Q4 March 2017 over Q4 March 2016. Consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 46.26% at Rs 443.84 crore in Q4 March 2017 over Q4 March 2016.
Glenmark's consolidated revenue rose 20.08% Rs 9185.68 crore in the year ended 31 March 2017 (FY 2017) over FY 2016. The consolidated EBITDA grew by 41.72% at Rs 20,36.70 crore in FY 2017 over FY 2016.
Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said that the company's Q4 March 2017 performance was mainly driven by US formulations business. In addition, India business also managed to record growth despite various challenging factors in the market.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization headquartered at Mumbai, India. The company is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). Glenmark has a diverse pipeline with several compounds in various stages of clinical development primarily focused in the areas of oncology, respiratory disease, and dermatology.
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