Glenmark Life shares up over 5%, touches new 52-week high on strong Q4 results
The shares of Glenmark Life Sciences Ltd surged over five per cent on BSE on Friday and nearly 7 per cent in intraday trade to hit a fresh 52-week high after the company posted a robust growth in net profit and revenue year-on-year for the quarter ending March 2023.
The shares of Glenmark Life Sciences ended 5.19 per cent high at ₹504.10 on BSE. It hit its 52 week high of of ₹525 per piece in intraday trade.
Glenmark Life Sciences Ltd said on Thursday its fourth-quarter profit surged 48 per cent, helped by growth in its mainstay business of making active pharmaceutical ingredients (API) for drugs.
The Mumbai-based drug maker’s profit rose to ₹146.35 crore in the quarter ended March 31, from ₹98.89 crore in the year-ago quarter, the company said in a regulatory filing.
The company, spun off from Glenmark Pharmaceuticals Ltd in 2019 to focus on the API business, said total revenue from operations jumped nearly 21 per cent to ₹621 crore in the quarter.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 42.1 percent to ₹209.27 crore in the quarter under review from ₹147.31 crore in the year-ago period.
APIs are key biologically active elements in a drug that help with the desired health effects.
Revenue from Glenmark Life Sciences’s API business, which accounts for about 90% of total revenue, grew 15.5% from last year.
The company, whose clients include Aurobindo Pharma Ltd and Torrent Pharmaceuticals Ltd, makes APIs for drugs used to treat ailments such as cardiovascular and central nervous system diseases as well as diabetes.
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