Shares of drugmaker Glenmark Pharmaceuticals surged over 6 per cent in trade on Friday, a day after the company posted an 11% rise in its first quarter revenue, driven by sales in India and Latin American markets.
The stock hit an intraday high of Rs 1019.70 on the BSE.
The company's revenues rose to Rs 1,655 crore, against Rs 1,457 crore in the same quarter of the previous year. This does not include the licensing fee for the molecules it has leased out.
The company reported a net profit of Rs 190 crore compared with Rs 184 crore in the previous year, a marginal increase of 3%. The drugmaker said it received a licensing fee of Rs 29 crore in the first quarter of 2014-15.
"We have launched six or seven approvals over the last three or four months and most of them were launched towards the end of the quarter. We have done pretty well in terms of getting market share and a lot of that will reflect in some of the Q2 numbers as we go forward. We continue to see strong growth coming out of the US market," said Glenn Saldanha, Chairman and Managing Director of Glenmark Pharmaceuticals Ltd, in an interview with ET Now.
We continue to see strong growth in Russia on a constant currency basis. The biggest challenge for us is the volatility in all emerging market currencies, Russia being the prime one. A lot of our performance got impacted last year and in the Q1, primarily on account of the volatility in the currency. The rest of CIS continues to deteriorate, particularly Ukraine, and some of the neighbouring countries, both in terms of currency as well as in market growth. So, it is a challenging environment, however, constant-currency growth in Russia looks to be strong," he added.
At 11:00 AM, the stock was trading at Rs 1014.30, up 6.07 per cent on the BSE.