CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.96% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

India's Glenmark quarterly profit falls on lower North America sales

By Reuters News

Nov 5 (Reuters) - India's Glenmark Pharmaceuticals GLEN.NS posted a 56.8% drop in second-quarter profit on Thursday, weighed down by lower revenue from its North American business.

The company reported a consolidated net profit of 2.64 billion rupees ($27.93 million) for the quarter ended September 30, compared with 6.10 billion rupees a year ago.

  • Total revenue for the quarter declined about 30% to 42.47 billion rupees

  • Glenmark's North America revenue fell to $126.6 million, from $516.7 million a year earlier. Excluding deferred out-licensing income recognition for oncology treatment ISB 2001, the region's core business grew about 31%, it said

  • Consolidated profit before exceptional items and tax fell to 6.22 billion rupees, from 23.53 billion rupees a year ago

  • The company and its US unit agreed to a $15.28 million settlement with US health insurer Humana HUM.N. Along with legal costs, one-time regulatory and other costs, it made up exceptional items of 2.84 billion rupees for the quarter

  • Cost of materials consumed rose 16%, though total expenses fell about 7%

($1 = 94.5075 Indian rupees)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.