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BENGALURU - Indian drugmaker Glenmark Life Sciences posted its first drop in profit for six quarters on Thursday as its mainstay active pharmaceutical ingredients business was hurt by the Red Sea crisis.
India's Glenmark Life Sciences posts lower Q4 profit as Red Sea crisis hurts API business The Mumbai-based company, which is in process of being taken over by detergent maker Nirma, said its profit fell 33% to 979.4 million rupees in the January-March quarter, from 1.46 billion rupees a year earlier.
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Revenue from its I business, its biggest, fell 8.6% in the fourth quarter, leading to a nearly 14% fall in its total revenue.
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KEY CONTEXT
Glenmark Life, like other Indian I makers, has been benefitting from increasing demand from Europe and the United States, their biggest markets. They are also expected to benefit as global drugmakers seek to reduce their reliance on China.
Glenmark Life has over 130 Is in its portfolio across key therapy areas such as cardiovascular, oncology and anti-infectives.
PEER COMPARISON
Valuation months)
RIC PE EV/EBITD Revenue Profit Mean # of Stock to Div
A growth growth rating analyst price target yield
* s **
Glenmark Life 17.09 11.45 13.13 15.49 Buy 3 0.91 3.99
Sciences
Laurus Labs 54.96 21.44 15.32 102.30 Hold 11 1.21 0.37
Granules India 16.66 9.91 12.98 40.91 Strong 4 0.93 0.36
Buy
Sun Pharmaceutical 32.08 22.79 10.92 17.46 Buy 31 0.99 0.84
Industries
* 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
JANUARY-MARCH STOCK PERFORMANCE
All data from LSEG
$1 = XX Indian rupees
This article was generated from an automated news agency feed without modifications to text.
