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Gland Pharma Ltd had rallied 8 per cent to Rs 4,087.65 on the Bombay Stock Exchange (BSE) in intra-day trade on Thursday after the company reported strong revenue growth of 31 per cent year-on-year (YoY) at Rs 1,154 crore for the quarter ended June 2021 (Q1FY22). It had posted a revenue of Rs 884 crore in the year-ago quarter.
The stock was trading at its highest level since listing on November 20, 2020. In the past month, it has outperformed Sensex by surging nearly 30 per cent against a 0.44 per cent gain in the index.
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Gland Pharma said the revenue growth was contributed from a mix of the launch of new products and volume growth in existing products. The key markets are the US, Canada, Europe, and Australia, which registered an increase of 16 per cent and accounted for 61 per cent of its revenue during Q1FY22. This performance is driven by essential products like Micafungin, Enoxaparin, Heparin, Dexmedetomidine, and new product launches.
Stock Covered in the news
