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Indoco Remedies has surged 17% to Rs 256, extending its previous day’s 14% rally, after reported an over two-fold jump in net profit at Rs 20 crore for the first quarter ended June 2014 (Q1), on back of strong operational performance. The pharmaceuticals company had profit of Rs 9 crore in the same quarter last fiscal.
The company’s net sales grew 29% to Rs 199 crore during the quarter under review against Rs 154 crore in the corresponding quarter of previous year.
The growth was driven by both exports and domestic, which posted a year-on-year (yoy) growth of 58.8% and 23.1% respectively. The domestic formulation sales grew by 24.4% yoy, much higher than the Industry growth of 8.8% yoy.
On the operating front, the OPM’s came in 18.1% V/s 16.2% expected and an expansion of 560 basis points yoy, mainly on back of the gross margins, which expanded by 365 basis points yoy to end the period at 63.3% V/s 59.7% during the last corresponding period, says analyst at Angel Broking in a client note.
The stock opened at Rs 219 and touched a record high of Rs 259 on NSE. The trading volumes on the counter surged more than two-fold with a combined 3.13 million shares changed hands so far on NSE and BSE.
The company’s net sales grew 29% to Rs 199 crore during the quarter under review against Rs 154 crore in the corresponding quarter of previous year.
The growth was driven by both exports and domestic, which posted a year-on-year (yoy) growth of 58.8% and 23.1% respectively. The domestic formulation sales grew by 24.4% yoy, much higher than the Industry growth of 8.8% yoy.
On the operating front, the OPM’s came in 18.1% V/s 16.2% expected and an expansion of 560 basis points yoy, mainly on back of the gross margins, which expanded by 365 basis points yoy to end the period at 63.3% V/s 59.7% during the last corresponding period, says analyst at Angel Broking in a client note.
The stock opened at Rs 219 and touched a record high of Rs 259 on NSE. The trading volumes on the counter surged more than two-fold with a combined 3.13 million shares changed hands so far on NSE and BSE.
