Small-cap stock jumped 2 percent in the day’s trade after it received approval from TGA, Australia for a product that is being supplied to the US and other markets.
At 3:05 p.m. the shares of Shilpa Medicare Limited were trading at Rs. 378.10, up 2.42 percent from its previous day’s close price of Rs. 369.15 and its market capitalization is Rs. 3,280 Crores.
Shilpa Medicare Limited’s Unit VI, has received approval from TGA, Australia for the manufacture, labeling, packaging, and testing of medicinal Oral Mouth Dissolving Films.
This Unit is supplying Oral Film products to the US and other markets. This approval will enable the company to secure approval and market its Oral Film products in Australia.
Oral Mouth Dissolving Film is a technology-intensive, niche dosage form that offers significant advantages over conventional oral dosage forms in terms of patient convenience, dosing compliance, and quick and effective delivery of drugs. The company has a pipeline of products in this type of dosage form.
In Q2FY24 it generated 70 percent(Rs. 220.1 Crores) of its revenue from API, 27 percent(Rs. 85.7 Crores) from Formulation, and 3 percent(Rs. 9 Crores) from others.
The company’s revenue from operations declined 8.33 percent from Rs. 1,145.52 Crores in FY22 to Rs. 1,050.11 Crores in FY23, accompanied by a profit of Rs. 60.66 Crores to a loss of Rs. 32.48 Crores.
Shilpa Medicare Limited is engaged in the business of manufacturing, sale, and research and development of generic pharmaceutical products, active pharmaceutical ingredients (APIs), and formulations for both domestic and international markets.
Written by: Bharath K.S
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