Glenmark Life Sciences Shares Maintains Growth Outlook Despite Turmoil

Glenmark Life Sciences (GLS) share price gained 8.5% on Friday after the company gave a positive outlook for FY25. The company, which has recently seen an ownership change, reported a muted performance in the March 2024 quarter. However, it expects the performance to improve in FY25.

The Mumbai-based active pharmaceutical ingredients (API) developer, Glenmark Life Sciences, on Thursday reported that its net profit declined 33.62% for the March quarter ended March 31, 2024. The company had posted a net profit of ₹97.93 crore as opposed to ₹146 crore in the corresponding quarter of the previous year.

Sales in March 2024 quarter declined by 13.6% amid shipment delays and logistics challenges, the company said.

Glenmark Life Sciences on April 25 said its net profit declined 33% to ₹98 crore for the March quarter ended March 31, 2024. The company had posted a net profit of ₹146 crore in the year-ago period.

Revenue from operations declined to ₹536 crore for the period under review from ₹621 crore a year ago, the company said in a regulatory filing. For the year ending March 31, 2024, the company reported a net profit of ₹471 crore as against ₹467 crore in the year-ago period, it said.

"We concluded the financial year on a positive note with revenue growth of 5.6% on a full year basis, driven by regulated markets in external business," Glenmark Life Sciences MD & CEO Yasir Rawjee said.

The company's commitment to high-quality, innovative solutions and scalability will fuel sustainable long-term growth, he added.

"These, coupled with a strong order book and demand visibility will ensure steady growth in FY25 and beyond," Rawjee said.

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals Ltd, is one of the leading developers and manufacturers of select high-value Active Pharmaceutical Ingredients. The company further operates in Contract Development and manufacturing operations to offer services to specialty Pharmaceutical companies.