Shares of Gland Pharma trade lower after Q2 results

NEW DELHI: Shares of Gland Pharma Ltd were trading 14% lower at Rs 1,910 on the BSE on Thursday morning after it reported its second quarter results.

Gland Pharma on Wednesday reported a 20.14 per cent decline in consolidated net profit at Rs 241.24 crore for the second quarter ended September 30, on lower sales and higher expenses. The company had posted a consolidated net profit of Rs 302.08 crore in the same period last fiscal, Gland Pharma said in a regulatory filing.

The consolidated revenue from operations during the period under review were at Rs 1,044.4 crore, as against Rs 1,080.47 crore in the year-ago period, it added.

Total expenses were higher at Rs 785.95 crore, as compared to Rs 731 crore in the same period a year ago.

Gland Pharma said revenue from its core markets of US, Europe, Canada and Australia grew by 3 per cent to Rs 747.5 crore in the second quarter, as against Rs 722.5 crore in the corresponding period last fiscal.

(With inputs from agencies)