For some pharma companies, Covid has been a great time for earnings and Glenmark Pharma is one of them. The company posted a fantastic set of earnings for Q1FY21.
On an almost status quo consolidated revenue at Rs.2345 crore, the company’s net profit burgeoned 132% to Rs.254 crore.
EBITDA was up 40% at Rs.479 crore.
A 4% drop in total expenses, an exceptional gain of Rs.28 crore - on account of gain from transfer of intimate hygiene brand Vwash and reimbursement of onetime costs and deferred tax write-back of Rs.29 crore helped the net profit more than double.
Glenmark became the first company to develop and launch an antiviral drug Favipiravir (brand name FabiFlu) for the treatment of mild to moderate COVID-19 patients in June 2020 and this will be a huge advantage for the company in the coming months.
Its India business grew by 4%, Europe by 13%, USA by 2%.
API Business grew by 2% to Rs.235 crore and ROW Business experienced de-growth of (18%) to Rs.212 crore.
The market is obviously happy with the performance as the stock opened over 4% higher at Rs.495.10, rising up further to Rs.508.50, rising 7%. Its 10% UC for the day is at Rs.522.90.