Glenmark Pharma share price hit a 52-week low of Rs 760, down 16 percent intraday Friday 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.
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