The company said it will spend Rs 254 crore for development and commercial production of Peptides for Generic Drug Substances (GDS) and Custom Manufacturing Solutions (CMS) business.
Investor Mukul Mahavir Agrawal held 400,000 shares, representing 3.12 per cent stake, in Neuland Lab at the end of June quarter, shareholding pattern data shows
Neuland Laboratories hit a new high of Rs 11,093.15, as the stock rallied 18% on the BSE in Friday's intra-day trade on the back of robust earnings for June 2024 quarter.
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Neuland Lab hit a new high of Rs 6,910, rallied 6% after reported robust earnings with profit after tax more than doubled to Rs 80.7 crore in Q3FY24, on back of healthy operational performance.
The EBITDA margin improvement of 980 bps points to 33.4 per cent is a result of not only the revenue momentum but also a shift towards high margin business, the management said.
The company reported a record EBITDA margin of 23.6 per cent, led by shift in business mix towards higher margin products as well as various cost optimization initiatives.
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The change in business mix with increasing amount of margins coming from CMS business and certain Specialty products and cost optimization measures helped improve profitability
The stock dipped 8% to Rs 1,175 on the BSE in intra-day trade after the company reported 75% decline in its standalone net profit at Rs 2.59 crore in September quarter.
