Glenmark's consolidated sales rises by 3.88% to Rs. 27,605.07 Mn. in Q3 FY 2020-21

Glenmark Pharmaceuticals Limited, a research-led global integrated pharmaceutical company, today announced its financial results for the third quarter ended December 31 of the financial year 2020-21.

For the third quarter of FY 2020-21, Glenmark's consolidated sales was at Rs. 27,605.07 Mn. as against Rs. 26,574.51 Mn. recording an increase of 3.88 %.

For the third quarter of FY 2020-21, Glenmark's consolidated revenue (incl. other revenue) was at Rs. 27,867.63 Mn. as against 27,355.62 recording an increase of 1.87 %.

Consolidated Net Profit was at Rs. 2481.79 Mn. for the quarter ended December 31, 2020 as compared to Rs. 1,908.39 Mn. in the previous corresponding quarter, registering an increase of 30.05%.

Consolidated EBITDA was at Rs. 5,300.72 Mn in the quarter ended December 31, 2020 as against Rs. 4,400.75 Mn. in the previous corresponding quarter, an increase of 20.45%.

"Our India business continued to grow at a healthy pace in the third quarter, consistently outperforming industry growth. The US business rebounded well and we expect the business to gradually build sales momentum. This quarter, the API business once again performed well and we expect this business to grow in the next few years. We also expect the European and the emerging markets business to gain traction in the coming few quarters" said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.

Shares of GLENMARK PHARMACEUTICALS LTD. was last trading in BSE at Rs.504.2 as compared to the previous close of Rs. 506.05. The total number of shares traded during the day was 50237 in over 1222 trades.

The stock hit an intraday high of Rs. 510.85 and intraday low of 502.25. The net turnover during the day was Rs. 25431402.

Source : Equity Bulls

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