Gland Pharma hits new low

Gland Pharma is currently the top loser on the BSE, opening 3.5% lower at Rs.2148.80 and going down almost 13% to hit a new 52-week low at Rs.1940.

The stock was pummelled down after it reported at 20% (YoY) decline in consolidated net profit at Rs.241 crore on a 3% drop in revenue at Rs.1044 crore while margins fell mainly on account of a change ion the mix and rising competitive pressures.

Total expenses rose 7.5%. Revenues from US, Europe, Canada and Australia, the core markets of the company, rose 3% while Indian market revenue was down a big 42%. RoW was also down 3%.

Following this performance, many brokerage houses have downgraded the stock and this is what has depressed the stock mainly.