Glenmark Pharma Q2 Results: Incurs Loss Of Rs 62 Crore

Glenmark Pharmaceuticals Ltd. reported a net loss in the second quarter of fiscal 2024.

The bulk and generic drugmaker incurred a loss of Rs 61.6 crore in the quarter ended September, according to an exchange filing on Friday. That compares with a profit of Rs 260 crore estimated by analysts tracked by Bloomberg.

Glenmark Lifesciences is still part of Glenmark Pharmaceuticals. Glenmark's consolidated revenue was at Rs 3,587.9 crore as against Rs 3,375.2 crore, recording an increase of 6.3% YoY.

• Revenue up 6.3% at Rs 3,207.4 crore vs Rs 3,018 crore (Bloomberg estimate: Rs 3,598.2 crore).

• Ebitda down 3.5% at Rs 462.2 crore vs Rs 479 crore (Bloomberg estimate: Rs 675.1 crore).

• Margin down 146 basis points at 14.41% vs 15.87% (Bloomberg estimate: 18.80%).

• Loss at Rs 61.6 crore vs profit of Rs 278.6 crore (Bloomberg estimate: Rs 260.9 crore).

• Sales from the formulation business in India was at Rs 1,121.7 crore as against Rs 1,091.6 crore in the year ago period, recording a growth of 2.8%. 

• North America registered revenue from the sales of finished dosage formulations at Rs 739.2 crore, as against Rs 753.3 crore in the year ago period, recording a decline of 1.9%.

• Revenue from the rest of world was Rs 732.4 crore, up 19% year-on-year.

• European operations' revenue grew 58.4% to Rs 599.7 crore.

Shares of Glenmark Pharma closed 0.79% lower at Rs 777.6 apiece on the BSE ahead of the results, as compared with a 0.11% advance in the benchmark Sensex.