Active Stocks
Thu Jun 13 2024 15:59:47
  1. Tata Steel share price
  2. 182.50 0.14%
  1. State Bank Of India share price
  2. 843.90 0.57%
  1. Wipro share price
  2. 482.40 1.15%
  1. NTPC share price
  2. 369.95 -0.38%
  1. Tata Motors share price
  2. 985.75 -0.29%
Business News/ Markets / Stock Markets/  Glenmark Pharmaceuticals share price rises 8% to 52-week high post Q4 Results, announces Dividend
BackBack

Glenmark Pharmaceuticals share price rises 8% to 52-week high post Q4 Results, announces Dividend

Stock Market Today: Glenmark Pharmaceuticals share price gained more than 8% during intraday trades to 52-week high on Monday post Q4 Results. The strong operating performance lifted confidence. Glenmark board also recommended a 250% dividend

Glenmark Pharmaceuticals share price rises 8% to 52-week high post Q4 Results (ANI)Premium
Glenmark Pharmaceuticals share price rises 8% to 52-week high post Q4 Results (ANI)

Stock Market Today: Glenmark Pharmaceuticals share price gained more than 8% during intraday trades to 52-week high on Monday post Q4 Results. The Glenmark Pharmaceuticals share price also scaled 52 week high of 1,123.90 on the NSE. Notably with todays gains Glenmark Pharmaceuticals share price has risen more than 85% in last one year.

Q4 Operating performance beats estimates

During the January- March'2024 quarter, Glenmark Glenmark’s consolidated revenue at Rs. 3063 crore grew 2.1% against Rs. 3000 Crore in the year ago quarter.

Also Read- Divi's Laboratories share price rises 5% post Q4 results, dividend announcement, to 52-week high: Buy, Sell or Hold ?

However Earnings before interest Tax depreciation and amortisation (EBITDA)growth at 26.7% to  Rs. 504.3 Crore in the quarter ended March 31, 2024, compared to Rs. 398 Crore in the previous corresponding quarter, outpaced the revenue growth . Ebitda margin for the quarter stood at 16.5%.

The reported Ebitda beat analysts estimates. Those at Motilal Oswal Financial Services Ltd had estimated Ebitda to come at 429.7 Crore. The revenues were anticipated to come at 3219 Crore. 

India , Rest of the World (RoW) growth drives Q4 growth

The growth for Glenmark Pharma is being led by India and Asia, MEA, LATAM and RCIS Region (RoW) markets.

The domestic business sales for the formulation business in Q4 FY 2023-24 at Rs. 939 crore as against Rs. 831.6 crore in the previous corresponding quarter, recorded a growth of 12.9% YoY. Glenmark highlighted improvement in market share across Cardiac, Dermatology and Respiratory therapeutic areas.

However the US business still remains weak adding to some concerns. The North America Sales for finished dosage formulations at Rs. 756 Crore for the quarter ended Mar 31, 2024 came 12.4 % lower as against revenue of Rs. 863 Crore.  The resolution of regulatory issues pertaining to manufacturing facilities and timeline remains watched for said analysts.

Also Read- Multibagger Astra Microwave share price spikes over 14% to record high on firm's stellar performance in Q4

The same however was compensated by 9.7% growth recorded by  Asia, MEA, LATAM and RCIS Region (RoW) business that clocked revenue at Rs. 753 Crore  as against Rs. 686 crore for the previous corresponding quarter.

The Glenmark Europe sales revenue for the fourth quarter of FY 2023-24 was at Rs. 612 Crore against Rs. 608 crore, recording growth of 0.7% YoY

Winlevi and Ryaltris progress

The progress of Winlevi in the EU market and Ryaltris at the global level level remains another key factor to watch for as products hold promises to drive Glenmark's growth.

As of March 2024, marketing applications for Ryaltris® have been submitted in more than 80 countries and product commercialized in 34 markets, including major markets like the USA, Europe (the UK and multiple markets across the EU), Australia, Russia, South Africa, and South Korea, said Glenmark

In Q2, Cosmo Pharmaceuticals N.V.  and Glenmark, had announced the signing of distribution and license agreements for Winlevi (clascoterone cream 1%) in 15 European countries as well as the UK and South Africa. The launch is likely to take place in licensed marked during FY25-26.

Dividend Declared

Glenmark board recommended a 250% dividend i.e. Rs. 2.5/- per share (face value of Re. 1/- each) on the Equity Share Capital of the Company for the financial year 2023-24.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

 

 

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 May 2024, 12:44 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started