Wanbury surges 5% after USFDA issues Zero observations for Patalganga site

Wanbury shares soar: Shares of pharmaceutical company Wanbury rose as much as 4.95 per cent to hit an intraday high of Rs 168.30 per share, on Thursday, June 20, 2024. 

At 9:55 AM, the shares were off highs, trading 2.25 per cent higher at Rs 163.95 per share. In comparison, BSE Sensex was trading 0.16 per cent lower at 77,211.40 levels. 

The share price rose after the company announced that United States Food & Drug Administration (USFDA) has issued zero observation after the inspection of Patalganga site.

In an exchange filing, Wanbury said, “We are happy to announce the successful completion of the United States Food & Drug Administration (USFDA) inspection at Patalganga site, Maharashtra.”

The USFDA inspected the site between June 10, 2024 and June 14, 2024, with zero-483 observations.

“This is the 6th successful USFDA inspection of Wanbury Patalganga site,” Warburg added.

The company further said that it is committed for quality and compliances as per regulatory requirements at both the API manufacturing sites i.e Patalganga, Maharashtra and Tanuku, Andhra Pradesh, which is also a USFDA approved site.

Wanbury Limited, headquartered in Navi Mumbai, India, is a manufacturer and distributor of formulations and active pharmaceutical ingredients (API).

Formerly known as Pearl Organics Limited, Wanbury offers a diverse range of formulations spanning gynaecology, orthopaedics, hematinics, anti-diabetic treatments, nutraceuticals, gastrointestinal solutions, stroke care, antibiotics, cough and cold remedies, anti-inflammatory drugs, analgesics, and general practitioner medications.

The company also produces APIs catering to therapeutic areas such as anti-diabetics, analgesics, antidepressants, antihistamines, anti-inflammatories, anti-arthritis treatments, antithrombotics, antiepileptics, and antihypertensives. Additionally, Wanbury Limited exports its products globally.The company exports APIs to more than 70 countries including US, Europe, Latin America.

Financial performance
 

The company’s profit zoomed to Rs 8.3 crore in the March quarter of financial year 2024 (Q4FY24), from Rs 1 crore in the same quarter a year ago (Q4FY23).

The revenue from operations jumped 4.8 per cent annually to Rs 139.4 crore, as opposed to Rs 133 crore in the same quarter last year.

Its operating profit zoomed 60 per cent on a year-on-year (Y-o-Y) basis to Rs 19.1 crore, from Rs 12.1 crore. Consequently, operating profit margin jumped 460 basis points Y-o-Y to 13.7 per cent.

The 52-week high of the stock is Rs 177.40 while its 52-week low is Rs 46.56 per share.

The market capitalisation of Wanbury is Rs 533.42 crore, according to Bombay Stock Exchange (BSE).