The shares of a pharmaceuticals company specializing in the manufacturing and supply of a wide range of pharmaceutical products jumped upto 5 percent upon receiving a work order from the Dominican Republic’s Promese-CAL for Rs. 16.32 crores.
Price action
With a market capitalization of Rs. 474.42 crores on Tuesday, the shares of Medico Remedies Ltd jumped upto 4.7 percent, making a High of Rs. 58.50 per share compared to its previous closing price of Rs. 55.85 per share.
What Happened
Medico Remedies Ltd, engaged in the manufacturing and supply of a wide range of pharmaceutical products, has received a government supply order worth USD 1.9 (approximately Rs. 16.32 crores) million from the Dominican Republic’s PROMESE/CAL
The order is to supply tablets, capsules, and dry syrups and it is expected to complete the supply within three months. PROMESE/CAL is the program responsible for the centralized purchase and distribution of essential medicines for the public health sector, including pharmaceuticals in the Dominican Republic.
About the Company
Medico Remedies Ltd is a pharmaceutical company specializing in the manufacturing and supply of generic medicines, including tablets, capsules, dry syrups, injectables, and more. It caters to both domestic and international markets, with a focus on affordable healthcare solutions. The company also participates in government contracts, supplying essential medicines to public health sectors.
Key Insights
The company maintains a low debt-to-equity ratio of 0.21, with promoter shareholding over 65 percent. It has achieved an average 3-year net profit growth of 19.88 percent, which reflects strong growth and stability of the company.
Financials
The company’s revenue rose by 36.2 percent from Rs. 30.04 crore to Rs. 40.92 crore in Q3FY24-25. Meanwhile, Net profit rose from Rs. 1.45 crore to Rs. 2.62 crore during the same period.
Written by Sridhar J
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