 "Shilpa Medicare hits record high on strong Q2 results")
Shilpa Medicare has moved higher to its record high of Rs 679, up 9%, extending its Friday’s 9% surge on BSE after reporting a strong 64% year on year (YoY) growth in consolidated net profit at Rs 38.24 crore for the second quarter ended September 30, 2016 (Q2FY17).
The pharmaceutical company had posted profit of Rs 23.33 crore in the same quarter last fiscal.
Total income from operations increased 21% at Rs 2,113 crore on YoY basis. EBITDA (earnings before interest, tax, depreciation and amortisation) margin expanded 90 basis points to 23.2% in Q2FY17.
Earlier this month, Shilpa Medicare said that its UK subsidiary Koanna Healthcare Limited has received marketing authorizations from the UK Medicines and Healthcare products Regulatory Agency (UK MHRA) for the IMATINIB TABLETS in multiple strengths of 100 mg and 400 mg.
The marketing authorization application for this generic product is made through decentralized procedure in 15 EU member states, which involves major European countries like UK, Germany, Netherlands, France, Czech Republic, Belgium, Ireland, Romania etc. Out of 15 member states the first approval is received from UK MHRA. Approvals from remaining member states will follow, it added.
Thus far in the calendar year 2016, the stock outperformed the market by surging 35% against 1% rise in the S&P BSE Sensex.
The trading volumes on the counter more than doubled with a combined 276,314 shares changed hands on the BSE and NSE till 10:37 am.
The pharmaceutical company had posted profit of Rs 23.33 crore in the same quarter last fiscal.
Total income from operations increased 21% at Rs 2,113 crore on YoY basis. EBITDA (earnings before interest, tax, depreciation and amortisation) margin expanded 90 basis points to 23.2% in Q2FY17.
Earlier this month, Shilpa Medicare said that its UK subsidiary Koanna Healthcare Limited has received marketing authorizations from the UK Medicines and Healthcare products Regulatory Agency (UK MHRA) for the IMATINIB TABLETS in multiple strengths of 100 mg and 400 mg.
The marketing authorization application for this generic product is made through decentralized procedure in 15 EU member states, which involves major European countries like UK, Germany, Netherlands, France, Czech Republic, Belgium, Ireland, Romania etc. Out of 15 member states the first approval is received from UK MHRA. Approvals from remaining member states will follow, it added.
Thus far in the calendar year 2016, the stock outperformed the market by surging 35% against 1% rise in the S&P BSE Sensex.
The trading volumes on the counter more than doubled with a combined 276,314 shares changed hands on the BSE and NSE till 10:37 am.
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