Alembic Pharma gains after reporting robust Q2 results

Alembic Pharmaceuticals rose 1.19% to Rs 686.50 at 15:25 IST on BSE after the company said its consolidated net profit jumped 274% to Rs 289 crore on 85% rise in net sales to Rs 1018 crore in Q2 September 2015 over Q2 September 2014.

The result was announced during market hours today, 27 October 2015.

Meanwhile, the BSE Sensex was down 139.82 points, or 0.51% to 27,222.14.

Huge volumes were witnessed on the counter. On BSE, so far 1.83 lakh shares were traded in the counter, compared with an average volume of 23,729 shares in the past one quarter.

The stock hit a high of Rs 708 and a low of Rs 677.05 so far during the day. The stock had hit a record high of Rs 791.70 on 15 July 2015. The stock had hit a 52-week low of Rs 381.90 on 26 February 2015.

The stock had underperformed the market over the past one month till 26 October 2015, gaining 0.43% compared with 5.79% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 9.66% as against Sensex's 2.67% fall.

The large-cap company has an equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals said sales of international generics business rose 342% to Rs 559 crore in Q2 September 2015 over Q2 September 2014. Sales from active pharmaceutical ingredients (API) business rose 43% to Rs 137 crore in Q2 September 2015 over Q2 September 2014.

Commenting on the results, Mr Shaunak Amin, Joint Managing Director, Alembic Pharmaceuticals said that the company has seen exceptional growth due to the Aripiprazole Day 1 launch in the US. The company's facilities have been in compliance and have received 9 ANDA approvals this year, he added.

Established in 1907, Alembic Pharmaceuticals is a leading pharmaceutical company. The company is vertically integrated with the ability to develop, manufacture and market pharmaceutical products, pharmaceutical substances and Intermediates.

Powered by Capital Market - Live News