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Gland Pharma’s scrip tanked 16.56 per cent on the BSE on Monday over previous close to end at ₹893.50.
The downward trend in scrip is probably due to cut in the earnings by a leading brokerage firm by 36 per cent/22 per cent for FY24E/FY25E in view of a possibility of reduction in business from a bankrupt customer in the US, gradual revival in business due to shift of business by another customer to alternate supplier and higher competition in existing product portfolio.
The Hyderabad-based company posted a 72 per cent decline in its Q4 net profit at ₹78.70 crore against ₹286 crore in the same quarter last year.
Its revenue, too, declined 29 per cent to ₹785 crore on account of lower offtake of the key products in developed as well as domestic markets and also due to production line shut down in Pashamylaram Penems facility due to line upgradation.
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