Glenmark slumps on net profit slide

Glenmark Pharma is amongst the top losers on the BSE today, the stock is currently down 3% at Rs.545.50, with an intra day high at Rs.540.05. Volumes are up almost 2.5 times.

The stock is down on the back of weak Q2FY14 numbers. Its consolidated net profit dropped 1.6% (YoY) at Rs.154 crore on a 16% rise in revenue at Rs.1463 crore. In terms of segment break-up, revenue from generics business rose 22.51% and revenue from specialty formulation business excluding out-licensing revenue grew 10%.  Higher operating expense, increase in interest outgo and taxation led to the marginal fall in net profit.