EconomyCompanies
Glenmark Pharma's Q2 profit falls 57% to ₹264 crore as revenue drops 30%
The Mumbai drugmaker's consolidated net profit fell to ₹263.78 crore in the September quarter, from ₹610.35 crore a year earlier, on revenue that shrank by nearly a third.
Key points
- Glenmark's consolidated net profit fell 56.8% to ₹263.78 crore in July-September.
- Consolidated revenue dropped 29.7% to ₹4,247.33 crore from ₹6,046.87 crore.
- The year-ago quarter had brought in ₹610.35 crore of profit.
Glenmark Pharmaceuticals on Thursday reported that its consolidated net profit fell 56.8% in the July-September quarter, to ₹263.78 crore from ₹610.35 crore a year earlier.
The Mumbai-based drugmaker announced the results after the market closed. Its consolidated revenue dropped 29.7% to ₹4,247.33 crore, from ₹6,046.87 crore in the same quarter last year, a fall of about ₹1,800 crore.
A drop of that size in sales is unusual for a large Indian pharmaceutical company, and it pulled profit down with it. The headline figures did not set out the reason for the decline, whether a high base in the year-ago quarter, weaker sales in particular markets or one-time items. A break-up by market and the company’s commentary on the quarter were not part of the first set of numbers.
Glenmark sells generic and branded medicines in India, the United States, Europe and other markets.
The results came on a crowded evening for earnings. Titan and ONGC also reported September quarter numbers on Thursday. Glenmark’s shares will react to the results when trading opens on Friday.