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Aarti Drugs closes UAE-based subsidiary

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Pinnacle Life Science, a wholly-owned subsidiary of Aarti Drugs, incorporated at International Free Zone Authority (IFZA) in Fujairah, UAE, has been closed.

Pinnacle Life Science was not a material subsidiary of the company and did not have any business activity. The winding up of this subsidiary will not affect the revenue or business of Aarti Drugs. The announcement was made after market hours on Friday, 19 February 2021.

The drug maker's consolidated net profit soared 144.9% to Rs 68.03 crore on 12% rise in net sales to Rs 530.25 crore in Q3 December 2020 over Q3 December 2019.

Shares of Aarti Drugs fell 0.09% to Rs 642. Aarti Drugs is a pharmaceutical company and has a strong presence in the anti-diarrhea, anti-inflammatory therapeutic groups.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, February 22 2021. 15:20 IST