Gland Pharma shares plunged nearly 20 percent on Wednesday, hitting its 52-week low after the company posted a weak set of quarterly earnings for the year ending March 2021.
The Hyderabad-based pharmaceutical manufacturer’s revenue for the fourth quarter of the year ending March 2021 fell 6.6 percent to Rs 1,205 crore year-on-year. The company’s net profit stood at Rs 246 crore, declining 24 percent compared to the same period the previous year.
Gland Pharma’s consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter dropped 12.5 percent to Rs 365 crore. The company’s board, however, declared a dividend of Rs 5 per equity share of Re 1 each for 2021.
Speaking about the company’s financials for the quarter, Gland Pharma CFO K Raghavendra Rao told CNBC-TV18 that the dip in the company’s profits was primarily due to the impact of the COVID-19 pandemic on its operations.