Glenmark Life hits 52-week high after Q4 results

• Follow

Shares of Glenmark Life, a leading manufacturer of APIs, touched a new 52-week high of Rs 525 on April 28. The stock rallied up to 9.5 per cent during the day. And the reason is the company’s Q4 results that positively surprised the market.  The company’s profit in Q4 grew by 48% YoY at Rs 146 crore. Company’s income grew by 21% at Rs 621 crore. EBITDA during the quarter ie, operating profit increased by 45.2% to Rs 206.4 crore and margin at 33.2% as against 27.7%.  The results were supported by higher contribution from CDMO, better product mix, benefit of PLI scheme as well as cost reduction. The company’s revenue from the generic API segment grew by 15% YoY.

HZL turns a net debt co

The improvement in the balance sheet of Vedanta Resources, the holding company of Vedanta Group, seems to be happening at the expense of its key operating firms such as Hindustan Zinc (HZL). HZL has turned from a debt-free company to an indebted one (on a net basis) in FY23 for the first time in more than 20 years. The metal producer gave all its accumulated cash reserves through a special dividend last financial year and was forced to borrow additionally to fund its capex plans. The country’s top zinc and silver producer ended FY23 with a net debt of Rs 1,780 crore as against a negative net debt of Rs 17,821 crore at the end of March 2022..while it was sitting on cash and equivalents worth Rs 20,665 crore at the end of FY22.

For more updates on corporate and market news, watch Corporate Central at