India's Neuland Laboratories jumps on growth in Q3 profit

Neuland Laboratories

14/02/2023 06:37

** Shares of Neuland Laboratories  NEUL.NS  rise as much as
13.20% to 1590 rupees, highest in three weeks since Jan 24
    ** Rise comes after active pharmaceutical ingredients (API)
maker reports 136% jump in consolidated net profit to 305.48
million rupees ($3.69 million)in Q3
    ** Core profit rises 67% Y/Y to 540.83 mln rupees while core
profit margin expands to 20.11% from 13.74% a year ago
    ** "Continued growth in high margin specialty and custom
manufacturing solutions business aided the earnings," says vice
chairman and CEO Sucheth Davuluri
    ** About 171,347 shares change hands as of 11:46 a.m. IST,
six times 30-day avg of 29,056 shares: Refinitiv data
($1 = 82.7200 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))