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%.