Pharmaceutical major Glenmark Pharmaceuticals has registered a decline of 55 per cent in its net profit, which dropped to Rs 57.28 crore for the quarter ended March 31,
2009, compared to Rs 130.14 crore for the quarter ended March 31, 2008.

In addition, the pharmaceutical firm has also witnessed a downfall of 38 per cent in its total income, which slipped to Rs 255.07 crore for the quarter ended March 31, 2009, as compared to Rs 411.90 crore for the quarter ended March 31, 2008.

On standalone basis, the Company has posted a net profit Rs 217.92 crore for the year ended March 31, 2009, down 43 per cent against Rs 389.02 crore for the year ended March 31, 2008.

Further, the company has also reported a downslide in its total Income, which fell to Rs 954.78 crore for the year ended March 31, 2009, against Rs 1392.73 crore for the year ended March 31, 2008.

Many market analysts are recommending a buy call for Glenmark Pharmaceuticals from a short-term perspective. They believe that traders with a short-term perspective can buy the stock with a price target of Rs 260, while maintaining a stop-loss at Rs 223.