Glenmark Pharma jumps 5 percent post December quarter earnings
Published On: Monday, February 13, 2023 | By: Team KnowMyStock
Shares of Glenmark Pharma surged over 5 percent to a high of Rs 421 in an otherwise sluggish market, after the drug maker reported steady earnings for the quarter that ended December 2022. Glenmark Pharmaceuticals Ltd on Friday reported a 21.3 percent rise in consolidated profit after tax at ₹290.8 crores for the third quarter ended December 31, 2022. as against Rs 240 crore in the corresponding quarter a year ago. In the December quarter, total revenue stood at Rs 3,463.8 crore during the period under review, up 9.2 percent against Rs 3,173.4 crore in the corresponding period of the preceding fiscal. The company had a one-time gain of Rs 34 crore in Q3, which is a net gain from the sale of its cardiac brand—Razel's India—and Nepal business, against the remediation cost of the company's Monroe manufacturing site in the U.S.
The company's India business continued to record a healthy increase in secondary sales, while the US business recovered well as the year progressed and the rest of the world and EU businesses also reflected formidable growth during the quarter, he added. Sales from the India formulation business in the third quarter were at Rs 1,074.5 crore as against Rs 1,006.9 crore in the previous corresponding quarter, recording a growth of 6.7 percent.North America registered revenues of Rs 837.3 crore in Q3, up 10.6 per cent from Rs 756.7 crore in the third quarter last fiscal.
Glenmark said its European operations revenues for the third quarter were at Rs 493.2 crore as compared to Rs 380.7 crore in the year ago period, a growth of 29.5 per cent.
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