The shares of one of the leading pharma engaged in manufacturing API, Formulation, and Development services rose 3.7% after its subsidiary received a certificate from the European Directorate for the Quality of Medicines & Healthcare.
Share price variations:
With a market capitalization of Rs. 8,103.44 crores, Shilpa Medicare Limited opened the trading session at Rs. 809.50, from the previous close of Rs. 805.70. The stock reached an intraday high of Rs. 835.45, reflecting a 3.69% increase from the previous close and at 2:33 pm the stock was trading for Rs. 817.25 a piece.
What Happened:
As per the exchange filing Shilpa Pharma Lifesciences Limited a wholly owned subsidiary of Shilpa Medicare Limited has received a certificate of suitability, a document that verifies the quality of a pharmaceutical substance from the European Directorate for the Quality of Medicines & Healthcare for Active Pharmaceutical Ingredient, Desmopressin.
Desmopressin is a synthetic peptide, which helps to reduce frequent urination and excessive thirst. This is used to treat central diabetes insipidus and bedwetting.
Recent Updates
In August, Shilpa Medicare successfully completed phase-3 clinical trials for its novel product SMLNUD07 – Nor Ursodeoxycholic Acid tablets, aimed at treating patients with Nonalcoholic Fatty Liver Disease. Additionally, in July, the company, through its subsidiary, received its first international market approval for Adalimumab 40 mg/0.4 mL Solution for Injection in Morocco.
Financial Performance:
For Q1FY25 the company reported a net profit increase to Rs. 14.06 crores compared to a net profit of Rs. 1.18 crores in Q1FY24, while revenue from operations also marked an increase by 12.40% to Rs. 292.51 crores from Rs. 260.17 crores in comparison to the same period.
The share price grew by 65.71% in the last 6 months and a multi-bagger return of 155% on a year-to-date basis.
About the company:
Shilpa Medicare Incorporated in 1987 manufactures niche APIs, intermediates, and formulations and also undertakes contract research and manufacturing services for some of its customers.
In Q1FY25 the company generated 57% of its revenue from its API division, 34% from the formulation division, and 5% from the biologicals division.
Written By Joseph Pv
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