Stock jumps more than 7% after company turns profitable after incurring losses in 3 Qtr’s
Shares of Piramal Pharma Ltd., surged 13% on Thursday to reach an intraday high of ₹ 83.95 apiece from the previous close price of ₹73.90.
At 14.00 am, the stock was trading at Rs 79.75 on the BSE, up 7.84 percent from its previous close.
One of the probable reasons for the stock to hit a high price is the company’s recent announcement of strong Q4 FY 22-23 earnings.
The company reported a net profit after three straight quarters of losses. Revenue and operating margin were also the highest for the company in five quarters.
As per the consolidated financials of the previous quarter, their operating revenues have increased by 29.6 percent from ₹ 813 crores in Q3 to ₹ 1,054 crores in Q4 FY23. Similarly, for YoY comparison, the revenues increased from ₹6,559 crores during FY 21-22 to ₹ 7,082 crores in FY 22-23.
The net profit of the company has significantly increased by 2150 percent from a loss of ₹ 2 crores in Q3 to a profit of ₹ 41 crores in Q4, Similarly, for a YoY comparison, the net profit declined from ₹ 376 crores during FY 21-22 to a loss of ₹ 186 crores in FY 22-23.
Piramal Pharma Ltd. was listed on the BSE in October 2022, after demerging from Piramal Enterprises (NS: PIRA ) Ltd. (PEL).
Piramal Pharma Solutions is an integrated contract development and manufacturing organization; Piramal Critical Care (PCC) is engaged in the hospital generics business, and the India Consumer Healthcare business sells over-the-counter products. It offers a portfolio of differentiated pharma products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network in over 100 countries.
According to the latest data pertaining to the shareholding pattern, the promoters hold a 34.79 percent stake, and foreign institutional investors (FIIs) have a 39.28 percent stake in the company for FY 22-23.
Written by Omkar C
The post Stock jumps more than 7% after company turns profitable after incurring losses in 3 Qtr’s appeared first on Trade Brains.
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