Moneycontrol Bureau
Claris Lifesciences shares gained more than 5 percent intraday Friday as quarterly earnings boosted by strong operational performance and US speciality injectable business.
The Ahmedabad-based healthcare company said consolidated profit in the quarter ended September 2016 shot up 170 percent to Rs 32.4 crore compared with year-ago period despite lower other income. Lower finance cost also aided bottomline.
EBITDA (earnings before interest, tax, depreciation and amortisation) surged 274.2 percent year-on-year to Rs 47.9 crore and margin expanded by 1830 basis points to 24.8 percent in Q2, driven by increased sales of own products. Total expenses were down 21.4 percent YoY to Rs 145 crore, which also resulted in margin improvement.
However, its total income fell 2.2 percent to Rs 193 crore compared with corresponding quarter of last fiscal due to lower pass through sales from JV Claris Otsuka.
Claris Otsuka sales stood at Rs 2 crore against Rs 42 crore YoY. Hence, adjusted revenue (excluding Otsuka) increased from Rs 155 crore to Rs 191 crore on yearly basis.
Claris said US speciality injectable sales grew by 57 percent year-on-year to Rs 127 crore and other regulated markets (excluding US) sales increased 31 percent to Rs 34 crore while emerging markets fell 25 percent to Rs 30 crore due to regional economic issues. Other income during the quarter plunged 60.4 percent year-on-year to Rs 8.2 crore while finance cost declined 5.6 percent to Rs 10.65 crore.
At 12:00 hours IST, the stock was quoting at Rs 313.20, up Rs 8.45, or 2.77 percent on the BSE.Posted by Sunil Shankar Matkar
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
