Shares of this microcap pharma company rose by 4.18 percent after company received permission from CDSCO to manufacture a ointment,
At 12.12, 10th october shares of Lyka labs Ltd were trading at Rs. 123.35 per share up by 4.18 percent from previous closing price of Rs. 118.30 per share.
Such bullish stock price movements were observed after the company announced through a regulatory filing on Bombay stock exchange (BSE) that they have received the product permission from the Central Drugs Standard Control Organization of India to Manufacture and Market Tofacitinib Ointment 2% w jw. The Company has received permission after successfully completing the Clinical Trial on 125 patients across 8 Clinical Trial Centers within India.
Looking at the financial statements, company’s revenue decreased by 16.77 percent to Rs. 22.88 crores in Q1FY24 from Rs. 27.49 crores in Q1FY23, in the same time period company net profit went from Rs. 0.59 crores to loss of Rs. 1.85 crores.
Talking about the financial statements, the company reported return on equity (ROE) of -63.6 percent and return on capital employed (ROCE) of -1 percent in the last financial year.
Lyka Labs Ltd is a pharmaceutical company engaged in development, manufacturing and marketing of pharmaceutical products. It has a well-diversified business model in terms of markets, therapies and products.The company manufactures pharmaceutical products such as Dry Powder, Lyophilised Injections and External Preparations for domestic and international markets.
Written by Vinit Israni
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