Sigachi Inds surges after arm submits CEP filing for Propafenone Hydrochloride to EDQM

Sigachi Industries jumped 8.13% to Rs 55.19 after the company's subsidiary, Trimax Biosciences received a communication from European Directorate for the quality of medicines & health care (EDQM) for CEP filing of Propafenone Hydrochloride.

Achieving the Certificate of Suitability (CEP) for this API will enable the company to export this product in Europe and other CEP accepting countries.

Propafenone Hydrochloride, widely used in the treatment of cardiac arrhythmias, is a high demand API with a current global market size of $1.2 billion.

The market is poised for robust growth, with projections reaching $ 2.1 billion by 2032, reflecting a CAGR of 7% over the forecast period. This growth is driven by the increasing prevalence of cardiovascular diseases, growing adoption of generic medications, and rising healthcare expenditure globally, the company stated in regulatory filing.

Amit Raj Sinha, managing director and CEO of Sigachi Industries, said, The submission of our first CEP filing is a testament to Trimax Biosciences commitment to quality, compliance, and innovation in the API domain. This achievement not only strengthens our position in the pharmaceutical supply chain but also aligns with our vision of providing reliable and sustainable pharmaceutical solutions on a global scale.

Telangana based Sigachi Industries is engaged in manufacturing of microcrystalline cellulose (MCC), which is widely used in pharmaceutical, food, beverage, cosmetic and paint industry. The most common uses of MCC are in vitamin supplements and tablets. It also acts as a bulking agent in food production. MCC is produced from refined wood pulp which is imported by the company.

The companys consolidated net profit jumped 43.8% to Rs 21.78 crore on 25.9% increase in net sales to Rs 124.90 crore in Q2 FY25 over Q2 FY24.

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