Glenmark Pharma jumps nearly 8% after Q2 earnings

New Delhi: Shares of Glenmark Pharmaceuticals on Friday zoomed nearly 8 per cent after the company posed a profit of Rs 255.45 crore in the September quarter.

Drug firm Glenmark Pharmaceuticals Ltd on Thursday reported a consolidated net profit to Rs 255.54 crore for the second quarter ended on September, 2019.

The company had posted a net profit of Rs 414 crore in the July-September quarter a year ago, Glenmark Pharmaceuticals said in a BSE filing.

The net profit is not comparable to the previous corresponding quarter on account of an exceptional income of Rs 167.18 crore recorded in the second quarter of the previous financial year, the company said.

Commenting on the results Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said, "We have rebounded strongly in the second quarter with most of our businesses recording good growth. The India business has continued to witness strong growth while the US sales have grown quarter over quarter sequentially. The Latam business has also recovered well in the second quarter.”

Net sales of the company stood at Rs 2,763.73 crore, up 8.81 per cent, during the period under review as against Rs 2,539.85 crore of the corresponding quarter previous fiscal.

The shares of the company closed 5.92 per cent higher at Rs 299 on BSE.