Glenmark Life Q4 Results: Net profit dips 33% YoY to Rs 98 crore; shares tank 9%

Glenmark Life Sciences Q4: Glenmark Life Sciences on Thursday said its net profit declined 33 per cent to Rs 98 crore for the March quarter ended March 31, 2024. The company had posted a net profit of Rs 146 crore in the year-ago period.

Revenue from operations declined to Rs 536 crore for the period under review from Rs 621 crore a year ago, the company said in a regulatory filing. For the year ending March 31, 2024, the company reported a net profit of Rs 471 crore as against Rs 467 crore in the year-ago period, it said.

"We concluded the financial year on a positive note with revenue growth of 5.6 per cent on a full year basis, driven by regulated markets in external business," Glenmark Life Sciences MD & CEO Yasir Rawjee said. The company's commitment to high-quality, innovative solutions and scalability will fuel sustainable, long-term growth, the CEO added. "These, coupled with a strong order book and demand visibility, will ensure steady growth in FY25 and beyond," Rawjee said.

Shares of the company ended 8.96 per cent lower at Rs 752.15 apiece on the BSE.