Glenmark Pharmaceuticals Q1 Results: Profit Plunges 86%

Glenmark Pharmaceuticals Ltd.'s consolidated net profit dropped 86% in the first quarter of the current financial year.

The drugmaker posted a profit of Rs 46.80 crore in comparison to profit of Rs 340.2 crore in the same quarter of the previous fiscal, according to its stock exchange notification on Thursday. The decline is despite a one-time gain of Rs 323 crore in the June quarter.

Glenmark Q1 Highlights (Consolidated, YoY)

• Revenue up 0.6% to Rs 3,264.4 crore versus Rs 3,244.1 crore.

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• Net profit down 86% to Rs 46.8 crore versus Rs 340.2 crore.

• Ebitda down 1% to Rs 580.4 crore versus Rs 588 crore.

• Margin at 17.8% versus 18.1%.

• One-time gain of Rs 323 crore in the June quarter.

Share Price

The quarterly earnings was shared after market hours. The stock settled 0.75% higher at Rs 2,044.60 apiece on the NSE, compared to a 0.54% advance in the benchmark Nifty 50.

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Glenmark Pharma's shares have risen 37.11% in the last 12 months and 27.06% year-to-date.

Out of 12 analysts tracking the company, eight maintain a 'buy' rating, three recommend a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.9%.

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