The shares of the generic pharmaceutical products manufacturer gained up to 6 percent after the company’s board approved the floor price of Rs 477.33 per Equity Share For QIP.
With a market capitalization of Rs 4,527.15 crore, the shares of Shilpa Medicare Ltd were trading at Rs 521.55 per share, increasing around 3.24 percent as compared to the previous closing price of Rs 505.20 apiece.
According to the company filing, the Board of Directors of Shilpa Medicare Ltd approved the qualifying institution’s placement (QIP) up to Rs 500 crore, with a floor price of Rs 477.33 per share. Furthermore, the company’s board of directors will meet on or after April 12 to determine the issue price for the QIP issuance.
Looking into the company’s finances, Shilpa Medicare Ltd.’s revenue increased by 9 percent from Rs 262.50 Crore in Q3FY23 to 286.48 Crore in Q3FY24. During the same period, net profits increased from a loss of Rs 6.62 crore to a profit of Rs 4.7 crore.
When it comes to revenue from the geographic segment, the company’s revenue in India increased by 4%, from Rs 488.01 crore in FY2021–22 to Rs 510.57 crore in FY2022–23, while revenue from outside of India decreased by 17 percent from Rs 657.50 crore in FY2021-22 to Rs 539.53 crore in FY2022-23.
In FY 22-23, the company’s API business increased sales from 747.7 crores to 757.8 crores, however, performance varied by category. Oncology experienced a dip, CDMO services increased, and CRAMS decreased, while non-oncology and API services had significant gains.
Shilpa Medicare Limited’s Unit VI was licensed by the TGA in Australia in December 2023 to manufacture, package, pack, and test pharmaceutical Oral Mouth Dissolving Films.
Furthermore, this Unit provides Oral Film products to the United States and other locations. This accreditation enables the company to receive a license to sell its Oral Film goods in Australia.
Shilpa Medicare provides specialty APIs, intermediates, and formulations while also providing contract research and manufacturing services to some of its customers. The company’s formulation products include 16 injectable dosage forms, 19 oral solid dosage forms under SML, and 13 formulations under its fully-owned subsidiary Shilpa Therapeutics.
Written by:- Abhishek Singh
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