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Gland Pharma stock declines 2% after earnings announcement

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

After the company posted a weak set of numbers for the quarter ending December 2022, its share price touched 52-week low in the early trade on January 24.

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

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

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

Gland Pharma Ltd on Monday reported a 15 % 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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