Glenmark is bleeding crazy. Down by 13%
:41 am Buzzing: Glenmark Pharmaceuticals share price hit a 52-week low of Rs 760, down 16 percent intraday after its quarterly earnings missed analysts' estimates and sequential profit was sharply lower.
Profit during January-March quarter increased 23 percent year-on-year to Rs 183.7 crore, largely aided by the exclusivity of generic cholesterol lowering drug Zetia, but overall earnings were much below Street estimates. Revenue rose 6 percent to Rs 2,457.2 crore YoY.
The bottomline growth was impacted by Rs 81 crore exceptional item, high expenses and decline in sales across Europe, Latin America, and other markets. The expenses shot up 13.6 percent to Rs 2,152 crore on sequential basis.
Profit on sequential basis declined 61 percent and revenues by 4 percent.
A CNBC-TV18 poll of analysts estimated the net profit to be in the range of Rs 511 crore to Rs 689 crore and revenues at Rs 2,982 crore for the quarter.