Profit Falls 31%, But Beats Estimates

Glenmark Pharmaceuticals Ltd.’s first-quarter profit declined, but beats estimates.

The Mumbai-based bulk and generic drugmaker’s net profit declined 31% year-on-year to Rs 211 crore in the quarter ended June, according to its exchange filing. That compares with the Rs 182-crore consensus estimate of analysts tracked by Bloomberg.

Glenmark Pharma Q1 Highlights (YoY)

  • Revenue fell 6% to Rs 2,777 crore against an estimate of Rs 2,866 crore

  • Ebitda was down 25% at Rs 432 crore against the Rs 475-crore forecast.

  • Margin stood at 15.5% against 19.3%. That compares to the forecast of 16.6%.

Glenn Saldanha, chairman and managing director, Glenmark Pharmaceuticals said in the exchange filing that the company delivered a strong double digit growth in their base business during the quarter excluding the impact of Covid-related products.

“Our goal is to continue growing our base business through new product launches in our key focus areas of respiratory, dermatology, and oncology.”

Shares of Glenmark Pharma closed 1.02% higher ahead of the earnings, compared with an almost unchanged benchmark S&P BSE Sensex.

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