Gland Pharma stock declines over 1 pc after earnings announcement

NewsDrum Desk
24 Jan 2023

New Delhi, Jan 24 (PTI) Shares of Gland Pharma Ltd declined over 1 per cent on Tuesday after the firm reported a decline in its December quarter net profit.

The stock fell 1.48 per cent to settle at Rs 1,357 apiece on the BSE. In the early trade, the shares of the pharmaceutical company touched its 52-week low at Rs 1,309 per scrip.

On the NSE, it went lower by 1.50 per cent to end at Rs 1,355 per share.

On Monday, Gland Pharma Ltd reported a 15 per cent decline in consolidated net profit at Rs 231.95 crore for the third quarter ended December 2022, impacted by production delays due to supply disruptions.

It had posted a consolidated net profit of Rs 273.03 crore in the same period last fiscal, the company said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 938.29 crore as against Rs 1,063.33 crore in the year-ago period.

Total expenses in the third quarter were lower at Rs 688.95 crore as compared to Rs 743.43 crore a year ago.

"Challenging business environment, ongoing supply chain disruptions leading to production delays continue to impact our performance," its Managing Director and CEO Srinivas Sadu said. PTI HG SHW

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