Gland Pharma is a big loser on the bourses today, falling down 20% to hit a new 52-week low at Rs.1070.80.
The stock price crashed on the back of its poor show for Q4FY23 – the company posted a consolidated net profit of Rs.79 crore, down 72% (YoY). This was on a 29% drop in revenue at Rs.785 crore.
An exceptional impairment cost of Rs.56 crore too added to the fall in numbers.
The company also attributed this fall to a shutdown in the production line during the quarter at its Telangana Penems manufacturing facility due to line upgradation. The business from the domestic B2C division also reduced during the year as compared to the previous year.
The EBITDA for the quarter was down 52% at Rs.168 crore and margins fell from 31.6% to 21.5%.