Neuland Laboratories reported 146.8% jump in consolidated net profit to Rs 21.44 crore on 29.6% rise in revenue from operations to Rs 241.39 crore in Q2 FY21 over Q2 FY20.
Profit before tax stood at Rs 28.68 crore, up by 130.3% from Rs 12.45 crore in Q2 September 2019. Current tax expense during the quarter increased by 5.7% year-on-year (YoY) to Rs 3.47 crore.
The company's board has recommended interim dividend of Rs 2 per share.
Commenting on the performance, Sucheth Davuluri, vice-chairman and chief executive officer of the company, said: We are pleased to report a record quarterly revenue of Rs 242 crore. The revenue growth of 29.6% was powered by both the Prime and Custom Manufacturing Solutions (CMS) verticals. We believe this sets us up firmly on the growth path for the rest of this year while providing a strong base for the next fiscal as well. We are also pleased to report that Unit III has commenced revenue generation which will act as a further tailwind going forward.
In addition, Saharsh Davuluri, vice chairman and managing director, Neuland Labs, added: The CMS business is continuing to drive growth with good performance from the baseline projects. We are seeing our efforts over the years pay off as more molecules are progressing in the pipeline towards commercialization. Our focus will continue to be on adding products in both Generic Drug Substances (GDS) and CMS that will drive long term growth.
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Neuland Labs manufactures active pharmaceutical ingredients (APIs) through its cGMP manufacturing facilities, working with customers in close to 80 countries.
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