The Mumbai-based drug maker's profit rose to 1.46 billion rupees ($17.86 million) in the three months ended March 31, from 989 million rupees in the year-ago quarter, the company said in a regulatory filing. The company, spun off from Glenmark Pharmaceuticals Ltd in 2019 to focus on the API business, said total revenue from operations jumped nearly 21 per cent to 6.21 billion rupees in the quarter.
The Mumbai-based drug maker's profit rose to 1.05 billion rupees ($12.86 million) in the three months ended Dec 31, from 1.04 billion rupees a year ago. The generic API segment, which contributes to almost 90 per cent of the company's revenue, grew 1.8 per cent, benefiting from a capacity expansion at the company's Dahej facility, as well as growth in its regulated markets business.
Most analysts are positive on the company's future prospects and suggest subscribing to the issue. They believe the company, which is a spin off of Glenmark Pharma, is well placed in the Active Pharmaceutical Ingredient (API) business.
Get updates on your preferred social platform
Follow us for the latest news, insider access to events and more.
