Wanbury Ltd shares surged nearly 5 percent on June 18, following the announcement that the United States Food and Drug Administration (US FDA) completed an inspection of its Patalganga facility in Maharashtra without any observations.
At 3.15 PM, shares of Wanbury were up 3 percent at Rs 162.7. In the past six months, the stock has gained 23 percent, outperforming the Nifty 50 index, which gained 10 percent during the same period.
The inspection, conducted from June 10 to June 14, concluded with the US health regulator issuing Form 483 with zero observations, Wanbury stated in a stock exchange filing. This marks the company's sixth consecutive successful US FDA inspection.
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Receiving zero observations from the US FDA indicates that the inspection found no issues or violations of regulatory requirements, confirming that the facility adheres to all necessary manufacturing and quality control standards set by the US FDA.
Both of Wanbury's API manufacturing sites, Patalganga (Maharashtra) and Tanuku (Andhra Pradesh), are now US FDA-approved. The company exports APIs to over 70 countries, including the US, Europe, and Latin America.
For the quarter ending March 2024, Wanbury reported sales of Rs 139.41 crore, a 4.84 percent increase from Rs 132.98 crore recorded a year ago. Net profit of the company rose to Rs 33.63 crore from Rs 1.02 crore in the year-ago period.
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