(Reuters) -India’s Glenmark Pharmaceuticals reported a 72% jump in second-quarter adjusted profit on Friday, on recovery in key North American and European markets.
The drugmaker reported a consolidated net profit of 6.1 billion rupees ($69.4 million) for the quarter ended September 30, up from 3.54 billion rupees a year ago.
Total revenue from operations rose 76% to 60.47 billion rupees during the quarter.
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KEY CONTEXT
Its secondary sales growth from India formulation business grew 10.8%, while net sales from Glenmark’s core businesses in North America and Europe rose 7.4% and 8.5%, respectively.
The Indian pharmaceutical market grew 7.3% in value in September, driven by strong sales in cardiovascular, anti-diabetic, and anti-infectives therapies, according to data from PharmaRack.
Peers Torrent Pharma posted a profit rise on strong domestic demand for its cardiovascular and anti-diabetic drugs while Mankind Pharma reported a fourth straight quarter of profit decline as tax cuts hurt supply chain.
PEER COMPARISON
Valuation (next 12 Estimates Analysts
months) (next 12 ‘
months) sentimen
t
RIC PE EV/EBI Price/ Revenue profit Mean # of Stock to Div
TDA Sales growth(%) growth(% rating analyst price yield
) * s target** (%)
Glenmark Pharmaceuticals Ltd 24.58 15.49 NULL 10.39 30.48 BUY 9 0.80 0.20
Mankind Pharma Ltd 38.54 25.43 5.97 14.25 18.67 BUY 16 0.85 0.04
Torrent Pharmaceuticals Ltd 47.00 27.20 8.46 14.42 20.35 BUY 30 0.96 0.84
J B Chemicals and 32.30 21.04 5.91 11.50 18.01 BUY 11 0.92 0.67
Pharmaceuticals Ltd
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The 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 = 87.8950 Indian rupees
(Reporting by Urvi Dugar in Bengaluru; Editing by Eileen Soreng)
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