Albert David had reported a net profit of Rs 78.4 million in June quarter against a net loss of Rs 8.30 million during the same quarter last fiscal. Operation income of the company increased 73% to Rs 944 million from Rs 546 million in previous year quarter.
“Like the other industries, the Indian pharma industry too was temporarily negatively impacted by the GST transition, with the maximum impact in the ‘April-June 2017’ quarter. Albert David too experienced this hit but we have bounced back strongly in the subsequent quarters,” AK Kothari, executive chairman said in a message to shareholders.
The domestic pharmaceutical market is estimated to bounce back and register an improved growth in 2018-19 on the back of increasing demand for healthcare medicines with greater penetration in rural markets.
The Indian Pharmaceutical market is expected to grow to US$ 100 billion by 2025 driven by healthcare spending, rapid urbanization and growing healthcare insurance among others. Pharma sector revenues are expected to grow by 9% year-on-year through fiscal 2020, the company said in an annual report.
Albert David is engaged in manufacturing pharmaceutical formulations, infusion solutions, herbal dosage forms, bulk drugs and disposable syringes & needles has its base in Kolkata, India. At present, the company’s products are being exported to Latin American countries, South East Asia and few African countries.
As of June 30, 2018, the promoter holds 60.9% stake in Kothari Group Company. Individual shareholders held 29.5% holding, while General Insurance Corporation of India held 4.31% stake in the company. The remaining 5.3% holding are with the others include bodies corporate.
At 11:46 am, Albert David was trading 6% higher at Rs 799 on the BSE. On comparison, the S&P BSE Sensex was down 0.26% at 37,824 points. A combined 313,036 equity shares changed hands on the counter on the BSE and NSE.