Glenmark pharma share price falls 9% after Q3 profit misses street estimates

Shares of Glenmark Pharma on Friday fell 9.12 per cent in early trade after firm’s Q3 profit missed Street estimates. The company has lost 11.24 per cent over last one month compared to 1.39% drop in the Sensex. The stock hit an all-time high of Rs 711.55 on 10, 2018. The stock hit a 52-week low of Rs 483.6 on May 30, 2018.

The stock was trading down 46.15 points, or 7.59 per cent at Rs 562.10 on BSE at the time of reporting.

On Thursday, the company reported an 11.07 per cent rise in consolidated net profit to Rs 116.34 crore for the December 2018 quarter on account of robust sales in India, the US and Europe. In the corresponding period of the last fiscal, Glenmark Pharmaceuticals had posted a net profit of Rs 104.74 crore.

The company’s consolidated revenue stood at Rs 2,555.04 crore during the October-December 2018 period period from Rs 2,203.66 crore in the year-ago period.

Meanwhile, The 30-share Sensex was trading 88.01 points, or 0.25 per cent, lower at 35,788.21. The index had lost nearly 1,000 points in the previous six sessions. Also, NSE Nifty was trading down by 30.40 points, or 0.28 per cent, at 10,715.65.

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