Alembic Pharma Stock Price Rises Over 5%, Records All-time High After Profitable March Quarter
A security guard wearing a mask as a precaution against the new coronavirus stands at the Bombay Stock Exchange (BSE) building in Mumbai (AP Photo/Rafiq Maqbool). Representative image.
Indian multinational pharmaceutical firm Alembic Pharmaceuticals Limited share prices reached an all-time high of Rs 807.60 on the Bombay Stock Exchange (BSE) on Friday, April 24.
The firm reported strong earnings from the March 2020 quarter and its stock rose over 5 per cent to record Rs 743, its highest in 52 weeks.
Alembic has seen steady growth for two days and managed to overcome its 2015 records. The drug manufacturer has reported an 81.4 per cent year-on-year growth in the fourth quarter with revenue of Rs 1,207 crore which grew by 30.2 per cent.
Reports state that the firm’s profit increased 41.88 per cent to Rs 829.12 crore, while the revenue from operations surged 17.06 per cent to Rs 4,605.75 crore.
“It was a remarkable year for the company where we recorded our highest revenue and profit ever,” said Pranav Amin, Managing Director of Alembic Pharmaceuticals Ltd.
The profitable earnings came as a result of “strong growth” in the US generics business. “During the fourth quarter, we saw our India and ROW business also getting back to a robust growth,” added Amin.
The share price of Alembic Pharma surged more than 63 per cent in the past month and was quoting at Rs 770 at 12.48 pm on Friday.