Glenmark Pharma hits 52-week low on subdued Q4 results

.story-content span,.story-content p,.story-content div{color:#000!important;font-family:‘open sans‘,Arial!important;font-size:15px!important} span.p-content div[id^=”div-gpt”]{line-height:0;font-size:0}

Shares of hit a fresh 52-week low of Rs 484 per share, slipping 9% on the in early morning trade, after the company reported a decline of 17% in its consolidated net profit at Rs 1.52 billion for the quarter ended March 2018 (Q4FY18), on account of de-growth in US business. The drug company had profit of Rs 1.84 billion in the same quarter last fiscal.

On the National Stock Exchange (NSE), the stock was down 5% to Rs 506 in intra-day trade.

The company’s consolidated revenue during the quarter under review decreased by 7% to Rs 22.80 billion against Rs 24.57 billion in the corresponding quarter of previous year. US revenue declined 30% to Rs 7 billion from Rs 10 billion in previous year quarter.

Earnings before interest, taxation, depreciation and amortization (ebitda) margin stood at 17.4% from 15.97% in a year ago quarter.