 "Alivus Life Q3 results: Net profit rises to Rs 137 cr, revenue jumps 12%")
Indian drugmaker Alivus Life Sciences, formerly called Glenmark Life Sciences, reported a higher third-quarter profit on Thursday, driven by strong demand in its mainstay active pharmaceutical ingredients (API) business.
The Mumbai-based company said its profit rose to Rs 137 crore (nearly $16 million) for the three months ended Dec. 31 from Rs 119 crore a year earlier.
The company's shares rose as much as 4.2 per cent after the results to their intraday high of Rs 1,171.
Its revenue from operations rose 12 per cent to Rs 642 crore, led by a 17 per cent jump in its API business. APIs are key elements added to drugs to produce desired health effects.
Key Context
Also Read
Indian API makers have been enjoying increasing demand in their key Europe and U.S. markets, and are expected to benefit further from global drugmakers turning to India and other markets to limit their reliance on Chinese firms.
Moreover, the restart of Alivus's manufacturing plant in the western state of Gujarat removed a key overhang on production. Last quarter, Alivus reported a lower profit as revenue across geographies was hurt due to the facility's closure.
Alivus has over 130 APIs in its portfolio across key therapy areas such as cardiovascular, oncology and anti-infectives.