Drug firm IPCA Laboratories declared its results for Q2FY17 on Friday. IPCA reported an over four-fold leap in standalone net profit to Rs 54.95 crore for the second quarter ended September 30. IPCA Laboratories said in a filing to BSE that the company had posted a net profit of Rs 12.34 crore for the corresponding period of the previous financial year.
On the back of strong Q2 results, IPCA share price had jumped 4 per cent to trade at the intraday high of Rs. 618, before it began its journey downwards.
Standalone total income from operations also increased to Rs 885.06 crore for the quarter under review as compared with Rs 753.72 crore for the same period year ago. The Indian formulations income soared 23 per cent to Rs 404.36 crore in the July-September quarter from Rs 328.16 crore in the corresponding period last year, Ipca laboratories said. The exports income also soared by 10 per cent to Rs 410.36 crore for the second quarter compared with Rs 374.53 crore for the same period year ago, it added.
AT 3:17 PM, IPCA was trading at Rs. 560.95, down by 5.59 per cent, after surging 4 per cent post Q2 numbers.
Ipca Laboratories is occupied in manufacturing of active pharmaceutical ingredients and formulations. It works in 110 countries and its export accounts for 50 per cent of the company’s income. Worldwide the company is one of the major suppliers of APIs and intermediates. The company possesses leadership position in Anti-malarial and Rheumatoid Arthritis area.
IPCA is the top 500 performing stock for the quarter from among 1700 listed stock. IPCA is recommended by Dynamic Levels based on its strong fundamentals and the fact that it has not posted any loss in past two quarters. For the details on the stock, visit IPCA share price history page of Dynamic Levels website.
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