Procter & Gamble Health Limited (formerly Merck Limited) shares hit a new high of Rs 4,042, up 9 per cent, on the BSE in an otherwise subdued market after the company reported strong March quarter earnings (Q1CY19). In comparison, the S&P BSE Sensex was marginally down by 0.04 per cent at 37,449 points at 02:01 pm.
The stock surpassed its previous high of Rs 3,990, recorded on April 9 in intra-day trade.
The pharmaceutical company’s profit after tax rose 79 per cent at Rs 40.7 crore in Q1CY19 driven by high interest income and operational efficiencies. It had a profit of Rs 22.7 crore in year-ago quarter.
Total revenue grew 22.2 per cent at Rs 249 crore against Rs 204 crore in previous year quarter. The strong revenue growth driven by a strong performance across brands, growth in exports, higher interest income and improved execution.
Procter & Gamble Health is one of India's largest vitamins, minerals and supplements (VMS) companies manufacturing and marketing over-the-counter products, vitamins, minerals, and supplements products for a healthy lifestyle and improved quality of life.
The management said with a brand portfolio backed by science and trusted by doctors, pharmacists and consumers, and the best of consumer health capabilities and cultures, the company was working towards creating a much stronger presence in India's fast-growing consumer health industry.
Meanwhile, the board of directors of the company, in its meeting held on February 27, had declared a dividend of Rs 440 per equity share, for the financial year ended December 31, 2018, which includes a one-time special dividend of Rs 416 per share on account of gain on business transfer.
The stock will turn ex-date for dividend on May 23, 2019.