India's Gland Pharma falls after surprise Q1 profit fall

Gland Pharma

07/08/2024 05:41

** Shares of Gland Pharma  GLAD.NS  tumble as much as 9%,
before pulling back to a 4% drop
    ** Injectables manufacturer posted a surprise drop in Q1
profit
    ** Ambit Capital says in the acquired Cenexi business,
growth and margin trajectory was better than its core business,
but recovery to be gradual
    ** Says increasing rev share from lower-margin, non-US
markets, slow-margin recovery in Cenexi to continue capping
margins
    ** Analysts avg rating on GLAD is equivalent of "hold" and
median PT is 1,913.5 rupees -LSEG data
    ** Stock is only loser on the Nifty pharma index on the day,
which is up 1.3%
    ** GLAD cuts YTD gains to 5%, while the pharma index has
gained about 11.5%

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))