(Reuters) – Indian drugmaker Glenmark Life Sciences posted a fall in second-quarter profit on Thursday, hurt by the temporary closure of a manufacturing facility in the western state of Gujarat.
The Mumbai-based company said its profit fell to 953.2 million rupees (about $11 million) in the three months ended Sept. 30, from 1.19 billion rupees a year earlier.
Its revenue from operations fell nearly 15% to 5.07 billion rupees.
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KEY CONTEXT
The company said its quarterly revenue across geographies was hurt due to closure of its manufacturing facility in Ankleshwar, Gujarat. However, it expects a recovery in the second half of the current fiscal year.
Glenmark Life, like other makers of active pharmaceutical ingredients (API), has been benefitting from increasing demand in their key Europe and U.S. markets as global drugmakers seek to reduce their reliance on China.
The company has over 130 APIs in its portfolio across key therapy areas such as cardiovascular, oncology and anti-infectives.
PEER COMPARISON
Estimates (next Analysts’ sentiment
12 months)
RIC PE EV/EBI Revenue Profit Mean # of Stock to Div
TDA growth growth rating* analysts price yield
(%) (%) target** (%)
Glenmark 23.71 16.02 12.42 12.95 Buy 6 0.99 2.15
Lifesciences
Ltd
Granules India 20.26 11.92 13.97 35.27 Strong 4 0.87 0.27
Ltd Buy
Laurus Labs 47.93 20.05 14.96 95.70 Hold 10 1.15 0.18
Ltd
Divi’s 65.09 46.81 15.97 26.52 Hold 23 1.28 0.52
Laboratories
Ltd
* Mean of analysts’ ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT
JULY TO SEPTEMBER STOCK PERFORMANCE
— All data from LSEG
— $1 = 84.0450 Indian rupees
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.