Lasa Supergenerics rose 2.81% to Rs 84.05 after the company received further injection from the Bombay High Court, restraining its competitor from manufacturing albendazole.
In a BSE filing made after market hours yesterday, the company said that the Bombay High Court by its interim order dated 23 November 2020 has restrained one of our competitor from infringing Lasa's process patent with respect to preparation of albendazole. The relief granted by the High Court is in addition to the earlier reliefs by which the competitor is restrained from manufacturing and/or dealing in its product by using the Lasa's proprietary and confidential information.
Lasa has subsisting process patent in its name for the invention titled "AN IMPROVED PROCESS FOR THE PREPARATION OF METHYL 5-(PROPYLTHIO)-1H-BENZO [D] IMIDAZOL-2-YLCARBAMATE." Its products based on the patented process and by use of its confidential information comprised over 85% of the company's FY2020 revenues.
Commenting on this development, Dr. Omkar Herlekar, chairman & managing director, Lasa Supergenerics, said: "It is one of the biggest achievements in the history of Lasa, our legal team and counsels made it possible to achieve this even in these difficult times.
The receipt of this relief is the milestones for Lasa, as it will restrain its competitor to manufacture and deal in one of the key product and enables the company to continue its leadership for its key products worldwide. We are keeping a close watch in the market in respect of illegal activities of some traders and we are ready to initiate civil and/or criminal actions to protect our invention and proprietary information."
Lasa is amongst the leading players in the manufacturing of veterinary APIs, with a well-established brand known for its high-quality products amongst various customers. The company has manufacturing facilities located at Mahad and Chiplun in Maharashtra with a total installed capacity of 4,300 MT. The company is steadily diversifying into hormonal APIs for human use. More than 25% of its APIs are exported to countries such as Australia, Bangladesh, Middle East, China, Turkey, Egypt, Jordan, Korea, and Pakistan.
The company reported a net profit of Rs 7.05 crore in Q2 FY21 as compared to a net loss of Rs 0.45 crore in Q2 FY20. Net sales during the quarter jumped by 35.3% YoY to Rs 54.69 crore.
On a year-to-date (YTD) basis, the stock has surged 370.11% while the benchmark S&P BSE Sensex has added 7.99% during the same period.
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