Zydus Lifesciences reports a 27% increase in Q3 profit to Rs 790 crore, driven by strong domestic formulations and US business performance. The company also announced a share buyback of up to Rs 600 crore.
New Delhi, Feb 9 (PTI) Zydus Lifesciences on Friday said its consolidated net profit increased by 27 per cent to Rs 790 crore in the third quarter ended December 31, 2023.
The drugmaker had reported a net profit of Rs 623 crore in the October-December period a year ago.
Revenue increased to Rs 4,505 crore in the third quarter from Rs 4,257 crore in the year-ago period, Zydus Lifesciences said in a statement.
The company said its board has approved a proposal to buy back shares of up to Rs 600 crore.
"We are pleased with our Q3 FY24 performance, particularly with a strong recovery in the domestic formulations business and a resilient US base business," Zydus Lifesciences Managing Director Sharvil Patel said.
He further said: "We are optimistic about our growth prospects driven by a differentiated portfolio in the US, continued performance of key brands, well supported by a robust execution engine."
The company remains on track to end the fiscal year 2024 with a healthy double-digit revenue growth, Patel added.
Zydus shares on Friday settled 0.47 per cent up at Rs 805.60 apiece on the BSE.
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