Glenmark Pharma jumps nearly 7 pc after Q2 earnings

Shares of Glenmark Pharmaceuticals on Friday zoomed nearly 7 percent after the company posted a profit of Rs 255.45 crore in the September quarter. The stock zoomed 8.18 percent to hit an intra-day high of Rs 305.40 on the BSE. It settled 6.70 percent up at Rs 301.20.

On the NSE, it rose to 8.49 percent to Rs 306. After shedding some gains, it settled 6.05 percent up at Rs 299.10. On the NSE, over one crore shares were traded whereas on the BSE 6.67 lakh units changed hands.

Drug firm Glenmark Pharmaceuticals Ltd on Thursday reported a consolidated net profit to Rs 255.54 crore for the second quarter ended in September 2019. The company had posted a net profit of Rs 414 crore in the July-September quarter a year ago, Glenmark Pharmaceuticals said in a BSE filing.

The net profit is not comparable to the previous corresponding quarter on account of an exceptional income of Rs 167.18 crore recorded in the second quarter of the previous financial year, the company said. Commenting on the results Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said, "We have rebounded strongly in the second quarter with most of our businesses recording good growth. The India business has continued to witness strong growth while the US sales have grown quarter over quarter sequentially. The Latam business has also recovered well in the second quarter."

Net sales of the company stood at Rs 2,763.73 crore, up 8.81 percent, during the period under review as against Rs 2,539.85 crore of the corresponding quarter previous fiscal.