Gland Pharma stock declines 2% after earnings announcement

Shares of Gland Pharma declined 2 per cent in morning trade on Tuesday after the company reported a decline in net profit for the third quarter.

The stock declined 1.87 per cent to Rs 1,351.65 apiece in early trade on the BSE.

On the NSE, the stock fell 1.93 per cent to Rs 1,349.05 apiece.

The 30-share BSE Sensex was trading 134.96 points or 0.22 per cent higher at 61,076.63 in morning trade.

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Gland Pharma Ltd on Monday reported a 15 per cent decline in consolidated net profit at Rs 231.95 crore for the third quarter ended December 2022, impacted by production delays due to supply disruptions.

It had posted a consolidated net profit of Rs 273.03 crore in the same period last fiscal, the company said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 938.29 crore as against Rs 1,063.33 crore in the year-ago period.

Total expenses in the third quarter were lower at Rs 688.95 crore as compared to Rs 743.43 crore in the same period a year ago.

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