The stock opened with a gain of over 3% at Rs.423 and went to rise by 10% to hit an intraday high at Rs.451.15, a new 52-week high.
The reason for this euphoria is its excellent earnings for Q2FY21. It reported consolidated total income from operations of Rs. 3820 crore up by 13% (YoY).
EBIDTA grew to Rs. 863 crores, up 36% and margins rose by 370 bps to 22.6% from 18.9%.
Net profit for the quarter came in at Rs.562 crore, up by a huge 73% and up 24% on QoQ.
The company has also reduced its net debt-by Rs. 2709 crores in the first six months of FY21, which is 40% reduction from net debt reported in March 2020., The net debt as on 30th September, 2020 stood at Rs. 4031 crores against Rs. 6740 crores as on 31st March, 2020.
During the quarter, the company launched 6 new products in the US. The company received approval for 10 new products (incl. 2 tentative approvals) and filed 5 additional ANDAs with the USFDA during the quarter. The company’s business in the emerging markets of Asia, Africa and Latin America grew by 12% in constant currency.