Claris Lifesciences extends gain post Q2 results

The stock has moved higher to its 52-week high of Rs 326, up 5% in intra-day trade, extending its Friday's 2% gain on the BSE

Claris Lifesciences has moved higher to its 52-week high of Rs 326, up 5% in intra-day trade, extending its Friday’s 2% gain on the BSE, after the company reported a more-than-doubled its consolidated net profit at Rs 32 crore for the quarter ended September 30, 2016 (Q2FY17). The pharmaceutical company had profit of Rs 12 crore in the same quarter last year.

Total income from operations however, declined 2% to Rs 193 crore during the quarter against Rs 197 crore in the corresponding quarter of previous fiscal.

EBITDA (earnings before interest, tax, depreciation and amortization) margin improved to 29% in Q2FY17 from 17% in Q2FY16.

The margin has improved mainly on account of increased sales of own products, Claris Lifesciences said in a release.

Sales in US continues to drive the growth of the company in speciality injectable business (SIB) with improved margins but this growth has been partially offset by de-growth in emerging markets, it added.

The company said the margins of SIB business, which contributed majority of the company’s business, have improved from 25% to 36% on the back of product, country mix and favorable pricing impact in key geographies.

At 11:42 am; the stock was up 3% at Rs 320 as compared to 0.49% decline in the S&P BSE Sensex. Around 198,000 shares have changed hands so far against an average 218,000 shares that were traded daily in past two weeks on the BSE.