Lincoln Pharmaceuticals Q4 Profit Jumps 55% | Business News
May 16, 2024 16:13
Lincoln Pharmaceuticals reported a 55% surge in net profit for the March quarter, driven by strong sales growth. The company also announced plans for revenue expansion and new product launches.
New Delhi, May 16 (PTI) Lincoln Pharmaceuticals on Thursday reported a 55 per cent jump in consolidated net profit to Rs 18.88 crore for the March quarter of 2023-24 driven by strong sales in the period.
The company had reported a net profit of Rs 12.16 crore for the March quarter of 2022-23.
Total income of the company surged by 28 per cent to Rs 149.51 crore in the March quarter of 2023-24 compared to Rs 116.35 crore in the year-ago period, according to an exchange filing.
Expenses were also higher by 28 per cent to Rs 127.29 crore in the last quarter of FY24 compared to Rs 99.38 crore in the year-ago period.
For the full 2023-24 fiscal year, the company reported a 28 per cent rise in net profit to Rs 93.37 crore compared to Rs 72.60 crore in the previous financial year. Total income rose by 15 per cent to Rs 614.97 crore in the last financial year compared to Rs 532.78 crore in the financial year ended on March 31, 2023.
Lincoln maintained its momentum with strong growth across all business segments, the company said in a statement.
With focused growth strategies and business expansion plans for value-added products and expanding to newer markets, the company is targeting revenue of Rs 750 crore in FY26, it stated.
The Ahmedabad-based company also plans to launch new products in both domestic and export markets, as well as expand into newer markets to further solidify its market presence, it said.
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