Glenmark Pharma is making some waves today morning. The stock, which has closed yesterday at Rs.282.30, opened higher at Rs.298 and went on to hit an intraday high at Rs.304.25. Its 10% UC for today is at Rs.310.50.

The market is very happy with its performance for Q2FY20. Glenmark’s consolidated revenue was at Rs. 2815 crore, an increase of 9% (YoY). Consolidated Net Profit was at Rs.255 crore v/s Rs.414 crore. The Net Profit is not comparable to the previous corresponding quarter on account of an exceptional income of Rs.167 crore.

Consolidated EBITDA excluding Other income was at Rs.450 crore v/s Rs.440 crore, an increase of 2.3%.

Sales from the formulation business in India for the second quarter rose 15% at Rs.896 crore. In India, its market share is at 2% in the formulations segment. The Cardiac segment market share increased from 4.40% to 4.63%; the Respiratory segment market share rose from 4.69% to ~5%; the Anti-diabetic segment market share increased from 1.64% to 1.66%; and the Derma segment market share changed from 9.11% to 9%.

In USA, revenue from the sale of finished dosage formulations  rose 5% at Rs.848 crore.

In the six months of FY 2019-20, the Company has received 9 ANDA approvals including 8 final approvals and 1 tentative approval.

Revenue from Africa, Asia and CIS region was up 14% at Rs.349 crore, Latin American and Caribbean operations rose 23%  at Rs.121 crore and revenue from Europe rose 9% at Rs.285 crore.