Gland Pharma shares were locked at 20% lower circuit, hitting a 52-week low of ₹1,070.80 apiece on Friday, after the company reported weak set of numbers for the fourth quarter of FY23.
The company’s net profit in Q4FY23 plunged 72% to ₹78.68 crore from ₹285.90 crore reported in the year-ago quarter. The net profit was also impacted by one- off expense worth ₹56.46 crore towards an impairment loss.
The drugmaker’s revenue from operations declined 29% YoY to ₹785 crore during Q4. Gland Pharma attributed this decline to a shutdown in the production line during the quarter at its Pashamylaram (Telangana) Penems manufacturing facility due to line upgradation.
