Glenmark Pharmaceuticals Limited’s share price rose over 6% on Thursday after the company reported its quarterly earnings for October-December.

For the third quarter of FY 2023-24, Glenmark’s consolidated total revenue from operations was at Rs 2,506.7 crore as against Rs 3,100.18 crore, recording a decline of 19% year-on-year. Moreover, it reported a consolidated net loss of Rs 331 crore in Q3FY24 against a profit after tax (PAT) of Rs 291 crore in the immediate previous year.

The company said in the regulatory filing over the bourses that the lower sales in the current quarter were mainly because of a one‐time impact on the company’s India business. Excluding that impact, Glenmark’s consolidated revenue in Q3FY24 would have been approximately Rs 3,779.6 crore, with an approximate growth of 9 per cent over the previous year.

Glenn Saldanha, Chairman and Managing Director of Glenmark Pharmaceuticals Ltd., said that Glenmark was going through a transitory phase on account of the divestment of Glenmark Life Sciences. Despite the one‐time impact on the company’s India business revenue due to the changes in its distribution model, its secondary sales growth remained strong, and it continued to outperform the market in its key therapy areas.

He added that the company’s Europe and the RoW (rest of the world) markets have maintained their robust growth trajectories, and the company anticipates a resurgence of its US business from Q4, driven by new injectable product launches. This resulted in potential positive present and future trends in the stock market.

Glenmark Pharma’s shares closed at Rs 818.80, 2.62% higher than its previous close, at 3:30 pm on the National Stock Exchange (NSE).