Glenmark Pharma at new low

about 11 days ago
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At Rs.379.65, the stock price of Glenmark Pharma hit a 7-year low today and the mood on the counter continues to remain somber.

The market is very disappointed with its earnings for Q1FY20, coming much below all estimates. Despite a 7% (YoY) rise in revenue at Rs.2323 crore, net profit fell 53% to Rs.109 crore. Total expenses had risen 9.5% to Rs 1,977 crore.

The bottomline was impacted mainly due to moderate performance in the US and subdued performance in Latin America.

Operating profit for the quarter fell 1.5% at Rs.342 crore and margins slipped from 16% to 14.7%.

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