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Caplin Point Labs zooms over 40% in six days on strong Q4 results

The stock hit a new high of Rs 5784, rallied 41% in past six trading sessions from Rs 406 on May 10

SI Reporter  |  Mumbai 

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hit new high of Rs 574, up 7% on BSE in otherwise weak market, extending its past one week rally, after the company reported more than doubled  consolidated net profit of Rs 33 crore in March quarter (Q4FY17), on the back of strong revenue growth. The pharmaceutical company had reported profit of Rs 16 crore in the same quarter a year ago.

Gross revenues during the quarter under review increased by 47% to Rs 121 crore against Rs 82 crore in the corresponding quarter of previous fiscal. Earnings before interest, tax, depreciation and amortization (EBITDA) margin improved to 40% from 27% in Q4FY16.

The company on May 8 said it has received the Establishment Inspection Report from the US health regulator for its Gummidopoondi facility in Chennai.

“Caplin Point has received the Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for inspection carried out during October 21-27, 2016, at its sterile injectable plant at Gummidopoondi in Tamil Nadu,” said in a filing to the BSE.

“This will pave the way for our entry into the largest pharma market in the world,” Chairman C C Paarthipan said.

In past six trading sessions, the stock rallied 41% from Rs 406 on May 10, against 1% rise in the S&P BSE Sensex.

At 1:41 pm; the stock was up 6% to Rs 567 on BSE, as compared to 0.40% decline in the benchmark index. A combined 695,176 shares changed hands on the counter on BSE and NSE.