AHMEDABAD:
Homegrown pharma major
,
Zydus Lifesciences
Limited on Friday posted a 97% jump in its consolidated net profit which stood at Rs 3,859.5 crore, as compared to Rs 1,960.3 crore in the corresponding fiscal year. The company attributes the
growth in profit
to the strong demand in its key
US and domestic markets
.
Following the results announcements, the pharma major’s shares rallied 4.28% to Rs 1,051.9 per share on BSE as the markets closed on Friday.
The company reported consolidated net profit of Rs 1,182 crore for the March quarter, four times higher than Rs 296 crore in the year-ago period.
“Our relentless focus on patient centricity, operational efficiency, strategic investments, and execution of our diversified product portfolio continues to pay off, resulting in a significant improvement in profitability as well,” said Dr Sharvil Patel, managing director, Zydus Lifesciences Limited.
India and the US make up about 86% of Zydus Lifesciences’ total revenue. Its India branded business grew faster than the market with 7.4% year-on-year growth, and the US formulations business grew 16.7% in terms of revenues.
The company launched 29 new products and received approval for 46 new products (including five tentative approvals) in the US market in FY 2024. The company also filed for 20 Abbreviated New Drug Applications (ANDAs) during the fiscal year. The board declared a final dividend of Rs 3 per equity share.
