Glenmark Pharmaceuticals shares jump 7 pc on strong Q1 numbers

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New Delhi, Aug 17 (PTI) Shares of Glenmark Pharmaceuticals on Monday gained 7 per cent after the company posted an over two-fold increase in consolidated net profit for the first quarter ended June.

The stock rose by 6.96 per cent to Rs 508.50 on the BSE.

At the NSE, it jumped 7 per cent to Rs 509.

Glenmark Pharmaceuticals on Friday posted an over two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June.

The company had reported a net profit of Rs 109.28 crore for the April-June period of 2019-20.

Consolidated revenue stood at Rs 2,344.78 crore for the first quarter, as compared to Rs 2,322.87 crore in the year-ago period, Glenmark Pharmaceuticals said in a regulatory filing.

“It has been a challenging quarter across all markets due to the ongoing pandemic. Despite the difficult operating environment, we managed to record sales growth for the organisation.

“We focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year,” Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.

The company was the first entity in the country to launch Favipiravir for the treatment of mild-to-moderate COVID-19, he noted.

Source:PTI

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