Alkem Labs net profit soars four-fold to Rs 293 crore in Q4
Alkem Laboratories has announced that its consolidated net profit soared four-fold to Rs 293 crore for the March 2024 quarter, compared to a net profit of Rs 71 crore for the January-March quarter of FY23.
The company noted that its profit for the fourth quarter of FY23 was affected by a derecognition of deferred tax of Rs 120 crore. Adjusting for this item, the profit growth for the March quarter of FY24 would have been 54 per cent.
"Continuing our trend of improved performance, Q4FY24 builds on the momentum gained from previous quarters with significant gross margin enhancements backed by lower raw material cost and lower intensity of price erosion in the US," Alkem CEO Vikas Gupta said.
The company said its board has recommended a final dividend of Rs 5 per share of Rs 2 each for the year ended on March 31, 2024. Shares of the company on Wednesday settled 0.93 per cent higher at Rs 5,265.10 apiece on the BSE.
Alkem Laboratories Ltd is an Indian pharmaceutical company engaged in the development, manufacture, and sale of pharmaceutical and nutraceutical products. The company produces branded generics, generic drugs, active pharmaceutical ingredients (APIs) and nutraceuticals in acute and chronic therapeutic areas, such as anti-infective, pain and analgesics, vitamins/minerals/nutrients, cardiac and Diabetology, Gynecology, Ophthalmology, neuro/central nervous system, dermatology, anti-diabetes, anti-osteoporosis, cardiovascular, and muscle relaxants, which are marketed in Indian and International markets. It operates through the pharmaceutical business segment.
