Neuland Laboratories soars as Q1 profit more than doubles

The stock has soared 14% to Rs 613, also its record high, on the National Stock Exchange.

Neuland Laboratories has soared by 14% to Rs 613, also its record high on the National Stock Exchange (NSE), after the company reported more than doubling in net profit at Rs 7.3 crore for the quarter ended June 30, 2015 (Q1FY16), on the back of strong operational performance. The company had posted a profit of Rs 3 crore in the same quarter a year ago.

Total operating income grew by 19% at Rs 123 crore for Q1FY16 compared to Rs 103 crore in the corresponding period of the previous year, Neuland Laboratories said in a statement.

Earnings before interest, tax, depreciation and amortization (EBITDA) margins improved by 360 basis points Y-o-Y to 17.6% in Q1FY16 as against 14.0% in Q1FY15.

Neuland Laboratories is a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates and custom manufacturing solutions services to customers located in 85 countries.

At 02:51 PM, the stock was up 12% at Rs 600 on the NSE. The trading volumes on the counter jumped over two-fold, with a combined 114,254 shares changing hands on the counter on the NSE and BSE.