Glenmark Pharma shares gain after Q1 profit jumps two-fold to Rs 254 crore

The company's formulation sales in the domestic market in the first quarter rose to Rs 779.89 crore from Rs 752.21 crore in the same period of previous fiscal, up 3.68 percent.

Glenmark Pharma share price gained more than 2 percent intraday on August 17 after the company reported a more than two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June.

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

The stock, which has gained over 72 percent in the last nine months, was trading at Rs 486.80, up Rs 11.40, or 2.4 percent. It touched an intraday high of Rs 508.50 and an intraday low of Rs 482.50.

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

The company's formulation sales in the domestic market during the first quarter rose to Rs 779.89 crore from Rs 752.21 crore in the same period of previous fiscal, up 3.68 percent.

Further, US-based Glenmark Pharmaceuticals Inc reported revenue of Rs 742.64 crore for the first quarter as against Rs 730.89 crore in the year-ago period.

Nomura has a buy call on Glenmark with a target of Rs 663 per share. It is of the view that Q1 results were operationally ahead of estimates. It is undertaking initiatives on cost control; part of the lower cost may sustain beyond the pandemic, said a CNBC-Tv18 report.

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