Alkem Labs Q1 Profit Soars 91% to Rs 550 Cr - Business News
Aug 09, 2024 19:25
Alkem Laboratories reports a 91% surge in net profit to Rs 550 crore in Q1 FY25, driven by strong sales. The company also highlights its focus on maximizing profitability and expanding its domestic and emerging market presence.
New Delhi, Aug 9 (PTI) Alkem Laboratories on Friday said its consolidated net profit increased by 91 per cent to Rs 550 crore in the first quarter ended June 2024, aided by robust sales.
The drug firm had reported a net profit of Rs 288 crore in the April-June quarter of last fiscal.
Total income increased to Rs 3,152 crore in the first quarter as against Rs 3,033 crore in the year-ago period, Alkem Laboratories said in a regulatory filing.
"We are happy that our efforts to improve profitability have started paying off, and we have seen a marked increase in margins during the quarter," Alkem Laboratories CEO Vikas Gupta said.
The company is committed to maximise EBITDA margin by managing product mix, controlling costs, and taking advantage of the favourable raw material pricing environment, he added.
"The domestic business is our stronghold, and we expect to build on it by furthering the growth of our large brands and bridging portfolio gaps. Simultaneously, we are also focusing on growing our business in emerging markets," Gupta said.
Shares of the company on Friday ended 1.86 per cent up at Rs 5,793.15 apiece on the BSE.
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