India's Rubicon Research hits record high after quarterly profit more than doubles
BUZZ-India's Rubicon Research hits record high after quarterly profit more than doubles ** Drug formulations firm Rubicon Research's RUBI.NS shares rise 12.2% to 1,128 rupees, touching an all-time high
** Q4 profit jumps 111.8%; revenue from operations up 43.5%
** Recommends dividend of 1.5 rupees/shr
** Says revenue traction is likely to continue to be stronger than anticipated
** Adds, strong revenue traction coupled with own manufacturing capacity constraint had led to a larger reliance on outsourced manufacturing since the last quarter
** Says larger than anticipated reliance on outsourced manufacturing could further contract gross margin % in the near term
** 24 products were under review by U.S. FDA as of 31 March, RUBI.NS says
** YTD, stock up 66% vs 1% decline in Nifty Smallcap 500 Index .NIFTYSMALLCAP500
(Reporting by Abhinav Parmar in Bengaluru)
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