 "Indoco Remedies hits new high as Q1 profit doubles")
Indoco Remedies has soared 18% to Rs 225, also its new high on National Stock Exchange, after reporting an over two-fold jump in net profit at Rs 20 crore for the first quarter ended June 2014 (Q1), on back of strong operational performance. The pharmaceuticals company had profit of Rs 9 crore in the same quarter last fiscal.
The company’s net sales grew 29% to Rs 199 crore during the quarter under review against Rs 154 crore in the corresponding quarter of previous year.
The growth in sales was aided by mainly export segments, which grew 59% year-on-year (yoy), while domestic segments grew by 23% yoy.
EBITDA or operating profit increased 50% yoy to Rs 37 crore and margins improved by 250 basis points to 18.4% from 15.8%.
The stock opened at Rs 191 and touched a low of Rs 190 so far. The trading volumes of the counter surged over three-fold, with a combined 2.32 million shares changed hands till 1122 hours on NSE and BSE.
The company’s net sales grew 29% to Rs 199 crore during the quarter under review against Rs 154 crore in the corresponding quarter of previous year.
The growth in sales was aided by mainly export segments, which grew 59% year-on-year (yoy), while domestic segments grew by 23% yoy.
EBITDA or operating profit increased 50% yoy to Rs 37 crore and margins improved by 250 basis points to 18.4% from 15.8%.
The stock opened at Rs 191 and touched a low of Rs 190 so far. The trading volumes of the counter surged over three-fold, with a combined 2.32 million shares changed hands till 1122 hours on NSE and BSE.
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