 "IOL Chemicals share price up 6% on bagging CEP certificate for Pantoprazole")
IOL Chemicals stock rises: IOL Chemicals and Pharmaceuticals share price soared as much as 6.32 per cent to hit an intraday high of Rs 402.70 per share on Wednesday.
The uptick in share price came after IOL Chemicals announced that it has secured certification of suitability (CEP) certificate for Pantoprazole Sodium Sesquihydrate for alternative process (Process - II).
Pantoprazole is used for heartburn, acid reflux and gastro-oesophageal reflux disease (GORD).
In an exchange filing, IOL Chemical said, “We wish to inform you that European Directorate for the Quality of Medicines & Health Care (“EDQM”) has issued a Certificate of Suitability for “Pantoprazole Sodium Sesquihydrate” for alternative process (Process - II) on June 10 2024.”
The certification will enable the company to export this product in European and other CEP accepting countries, IOL Chemicals said in a statement.
Financial performance
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The company’s total income stood at Rs 511 crore in Q4FY24, as opposed to Rs 596 crore in the same quarter a year ago (Q4FY23).
The bottomline (net profit) fell to Rs 28.2 crore on a year-on-year (Y-o-Y) basis, from Rs 65.3 crore in Q4FY23.
Its earnings before interest, tax, depreciation and amortisation (Ebitda) fell to Rs 57.6 crore in Q4FY24, from Rs 104.5 crore in Q4FY23.
Established in 1986, IOL Chemicals is among the leading generic pharmaceutical companies, and is a major player in the organic chemicals space.
IOL Chemicals has a wide presence across various therapeutic categories like pain management, anti-convulsants, anti-diabetes, anti-cholesterol and anti-platelets.
The Company’s product portfolio includes APIs; Ibuprofen, Metformin, Fenofibrate, Clopidogrel, Lamotrigine, Pantoprazole, Paracetamol and specialty chemicals such as Ethyl Acetate, Iso Butyl Benzene, Mono Chloro Acetic Acid and Acetyl Chloride.
The company is the world’s largest producer of Ibuprofen with an installed capacity of 12,000 TPA and having backward integrated manufacturing facility.
The market capitalisation of IOL Chemicals is Rs 2,331.49 crore, according to Bombay Stock Exchange (BSE).
The 52-week high of the stock is Rs 535.60 per share while its 52-week low is Rs 333 apiece.
At 9:52 AM, shares of IOL Chemicals were trading 4.26 per cent at Rs 394.90 per share. In comparison, BSE Sensex was trading 0.46 per cent higher at 76,805.96 levels