Glenmark net dips by 54% to Rs 53 cr in Q1

Glenmark Pharmaceuticals, a Rs 2000 crore pharma giant from Mumbai, has suffered a heavy setback during the first quarter ended June 2009 on account of hefty interest burden and higher depreciation charges. Its consolidated net profit declined by 53.7 per cent to Rs 53.45 crore from Rs 115.38 crore in the corresponding period of last year. Its profit before interest, depreciation and taxation also dropped by 15.1 per cent to Rs 128.95 crore from Rs 151.88 crore. With significant fall in profits, its earning per share nosedived to Rs 2.11 from Rs 4.63. 

Glenmark scrip declined by Rs 7 to Rs 264 on BSE after the announcement of working results. The scrip opened at Rs 272 and reached at its highest level at Rs 274 today, but close at Rs 264 due to lack of support.