Alembic Q2 net jumps, plans land sale; shares rise

Alembic Q2 net jumps, plans land sale; shares rise

Mumbai: Shares in Alembic Ltd rose nearly 8% on Wednesday after the drug maker nearly tripled its quarterly net profit, aided by one-time expenses last year, and said it was in an intial deal to sell land.

Alembic’s net profit for the July-Sept quarter was Rs45.59 crore. Its net profit for the same period a year earlier included exceptional charges of Rs15.32 crore.

Revenue for the just-ended quarter grew 51% over last year to Rs307 crore.

Alembic also signed a deal to sell its property in Vadodara to Inorbit Malls (India) Pvt Ltd, R.K. Baheti, Alembic’s director and president, finance, said.

He declined to give further details about the size of the property or its valuation, but said the deal is expected to be concluded in 3-4 weeks.

Alembic shares, which touched a high of Rs92.50, have eased to Rs90.45, still up 5.4% in a weak Mumbai market.