Company’s consolidated profit after tax declined 26 percent to Rs 173 crore for the fourth quarter ended March 31, 2022.
Glenmark Pharma share price touched a 52-week low of Rs 375, falling over 3 percent intraday, on June 13 on reports of USFDA beginning inspection of the company’s Baddi plant.
The US Food and Drug Administration (USFDA) began inspection of Glenmark Pharma’s Baddi plant today, sources confirmed to CNBC-TV18. The USFDA had issued a ‘Warning Letter’ in October 2019 to the Baddi facility.
The company’s consolidated profit after tax declined 26 percent to Rs 173 crore for the fourth quarter ended March 31, 2022. It reported a net profit of Rs 234 crore in the January-March period of 2020-21 fiscal.
Consolidated revenues of the drug firm, however, rose to Rs 3,019 crore in the quarter under review as compared to Rs 2,860 crore a year ago, recording an increase of 6 percent on-year.
For the year ended March 31, 2022, the Mumbai-based drug firm reported a PAT of Rs 994 crore, as against Rs 970 crore in FY21.
At 1:18pm, Glenmark Pharma was quoting at Rs 379.50, down Rs 8.95, or 2.30 percent, on the BSE. It was trading with volumes of 27,883 shares, compared to its five day average of 75,453 shares, a decrease of -63.05 percent.
With inputs from PTI