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Last Updated : Aug 14, 2019 09:59 AM IST | Source: Moneycontrol.com

Glenmark Pharma hits 52-week low on weak Q1 results; stock down 8%

Earnings before interest, tax, depreciation and amortization (EBITDA) was down at Rs 341.9 crore, while margin fell 130 bps at 14.7 percent.

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Shares of Glenmark Pharma touched its 52-week low, sheding 8 percent in early trade on August 14 after the company registered a steep fall in its June quarter net profit.

Glenmark's Q1 FY20 (April-June) net profit declined 53 percent at Rs 109.3 crore against Rs 233 crore in the same quarter last fiscal.

Meanwhile, the revenue of the company rose 7.3 percent at Rs 2,322.9 crore against Rs 2,165.6 crore.

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Earnings before interest, tax, depreciation and amortization (EBITDA) was down at Rs 341.9 crore, while margin fell 130 bps at 14.7 percent.

The company's Indian business grew 13.41 percent, US business grew 3.86 percent and European business grew by 10.50 percent.

Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said, “Our first quarter performance in key markets like India and Europe was impressive on account of new product launch and partnership deals. However, the overall performance was impacted due to moderate performance in the US and subdued performance in LATAM."

At 0939 hrs, Glenmark Pharma was quoting at Rs 386.90, down Rs 30.10, or 7.22 percent on the BSE.

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First Published on Aug 14, 2019 09:59 am
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