Cadila Healthcare gains after robust Q2 earnings

Cadila Healthcare rose 1.02% to Rs 667 at 14:06 IST on BSE after consolidated net profit surged 93.76% to Rs 183.37 crore on 13.19% increase in total income to Rs 1759.02 crore in Q2 September 2013 over Q2 September 2012.

The result was announced during trading hours today, 31 October 2013.

Meanwhile, the BSE Sensex was up 46.99 points, or 0.22%, to 21,080.96.

On BSE, 1.21 lakh shares were traded in the counter compared with average volume of 23,364 shares in the past one quarter.

The stock hit a high of Rs 662 and a low of Rs 692.20 so far during the day. The stock hit a 52-week high of Rs 924.60 on 22 February 2013. The stock hit a 52-week low of Rs 631 on 20 August 2013.

The stock had underperformed the market over the past one month till 30 October 2013, sliding 2.90% compared with the Sensex's 8.54% rise. The scrip had also underperformed the market in past one quarter, falling 9.85% as against Sensex's 8.71% rise.

The large-cap company has an equity capital of Rs 102.37 crore. Face value per share is Rs 5.

Globally, the company's business rose 29% in the US, 28% in Brazil and 24% in Europe. In Mexico, the company launched 3 new products during the quarter, taking the cumulative number of launches to 4. During the quarter, the company made 4 filings with the Mexican regulatory authority COFEPRIS and received the approval for 1 more product, taking total approvals to six. Exports to emerging markets grew by 32% woth 20 new product launches in different markets during the quarter. The company's active pharmaceutical ingredient (API) business grew by 22% during the quarter, Cadila Healthcare said in a statement.

The company said it filed 12 additional Abbreviated New Drug Application (ANDA) with the US Food & Drug Administration (FDA), including 2 filings for injectible products. The company received approval for 2 products in the US market and 4 new product dossiers were approved for European market.

Cadila Healthcare is a global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies. The company aims to achieve sales of over $3 billion by 2015 and be a research-based pharmaceutical company by 2020.

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