Neuland Labs slumps after poor Q4 result

Neuland Laboratories lost 5.58% to Rs 677.05 at 11:06 IST on BSE after net profit fell 16.4% to Rs 6.73 crore on 8.4% rise in total income to Rs 174 crore in Q4 March 2019 over Q4 March 2018.

The result was announced after market hours yesterday, 16 May 2019.

Meanwhile, the S&P BSE Sensex was up 256.57 points, or 0.69% to 37,650.05

On the BSE, 1,146 shares were traded in the counter so far compared with average daily volumes of 1,421 shares in the past two weeks. The stock had hit a high of Rs 705 and a low of Rs 673 so far during the day.

Commenting on the performance Sucheth Davuluri, Vice-Chairman and Chief Executive Officer of the Company said the company continues to see a strong growth in topline, fuelled by the GDS Business including both Prime and Niche/Specialty APIs. The growth would have been better reflected in the profitability but for spikes in raw material prices. The raw material prices have now stabalised but are unpredictable. The company has been focussing on optimizing fixed costs and has been successful in keeping overhead expenses under control.

Neuland Laboratories is a leading manufacturer of active pharmaceutical ingredients (APIs) and an end-to-end solution provider for the pharmaceutical industry's chemistry needs.

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