Indoco Remedies surged 9.32% to Rs 168.35 after the drug maker reported a profit after tax of Rs 7.3 crore in Q2 September 2019 compared with a net loss of Rs 7.8 crore in Q2 September 2018.
Net revenues rose 21.07% to Rs 285.6 crore in Q2 September 2019 as against Rs 235.9 crore in Q2 September 2018.
EBIDTA jumped 172.03% to Rs 32.1 crore in Q2 September 2019 as against Rs 11.8 crore in Q2 September 2018.
Operating profit surged 973.68% to Rs 20.4 crore in Q2 September 2019 as against Rs 1.9 crore in Q2 September 2018.
On a consolidated basis, Indoco reported a net profit of Rs 7.81 crore in Q2 September 2019 over a net loss of Rs 7.45 crore. Revenue from operations increased by 23.99% to Rs 292.57 crore in Q2 September 2019 over Q2 September 2018.
Commenting on the second quarter results, Aditi Panandikar, managing director, Indoco Remedies, said,"During the second quarter, the company's India Business is at double digit growth at 17.2% and also sequentially, India Business has grown by 15.3%, which indicates good momentum. On the international business front, with the regulatory challenges easing out, the business in Europe will now take off, from here onwards."
Meanwhile, the S&P BSE Sensex was up 272 points or 0.68% to 40103.83.
On the BSE, 46,841 shares were traded in the counter so far compared with average daily volumes of 4,064 shares in the past two weeks. The stock hit a high of Rs 178.05 and a low of Rs 155.6 so far during the day.
The stock hit a 52-week high of Rs 238 on 26 Nov 2018. The stock hit a 52-week low of Rs 133.1 on 11 Oct 2019.
Indoco Remedies is a fully integrated, research-oriented pharma company with presence in 55 countries.
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