Glenmark Pharmaceuticals Ltd. saw its profit surge 72.3% on Friday in its consolidated year-on-year second quarter financial results.
The firm saw a net profit of Rs 610 crore compared to the year ago period of Rs 354 crore according to an exchange filing from the company.
Its revenue also saw an uptick of 76.1% to Rs 6,047 crore compared to the previous year's Rs 3,434 crore.
The pharma company's earnings before interest, taxes, depreciation and amortisation stood at Rs 2,360 crore from the previous fiscal's Rs 602 crore. Its margin expanded to 39% from 17.5%.
Glenmark Pharma Q2 Highlights (Consolidated, YoY)
Revenue up 76.1% to Rs 6,047 crore versus Rs 3,434 crore.
Ebitda at Rs 2,360 crore versus Rs 602 crore.
Margin to 39% versus 17.5%.
Net Profit up 72.3% to Rs 610 crore versus Rs 354 crore.
Shares of Glenmark Pharmaceuticals closed 0.77% higher at Rs 1,895.60 apiece on the NSE, compared to a 0.12% rise in the benchmark Nifty. The stock has fallen 23.60% in the last 12 months and 17.8% on a year-to-date basis.
Out of 11 analysts tracking the company, nine have a 'buy' rating on the stock, one recommend 'hold' and one suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 22.8%.
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