Neuland Labs Q2 net up 50%

Hyderabad-based Neuland Laboratories Limited's net profit increased 49.7% to Rs 5.15 crore in the second quarter ended September 30, 2014, as against a profit of Rs 3.44 crore during the same period last fiscal.

Total revenue of the pharmaceuticals maker rose 18% to Rs 120 crore, when compared with Rs 102 crore in the year-ago period.

Sucheth R Davuluri, chief executive officer, Neuland Labs, said, "We are pleased that Neuland resumed its growth trajectory in the second quarter with good increases in sales and after-tax profits."

DR Rao, chairman and managing director of Neuland, said the company anticipated staying on track for good growth in the remaining period of the current fiscal. He added that the recent rights issue of the company was subscribed 1.42 times.

The company's board has allotted 12,22,472 fully-paid up equity shares of face value of Rs 10 each, out of the rights issue of 12,25,276 equity shares, and the balance has been kept in abeyance.

The company's scrip lost 6.45% in today's trading to close at Rs 475, as against the previous day's closing price of Rs 507.75 on the Bombay Stock Exchange.