IPCA Laboratories Ltd.'s share price inched towards day's high after the company reported a 39% on the year rise in its consolidated net profit. Its third-quarter net profit stands at Rs 248 crore compared to Rs 180 crore.
IPCA Laboratories' revenue rose 9.4% on the year to Rs 2,245 crore from Rs 2,053 crore. Its operating profit rose 40% on the year to Rs 463 crore compared to Rs 331 crore.
IPCA Laboratories' consolidated margin rose 450 basis points on an annualised basis to 20.6% compared to 16.1%.
Earlier in the day, snapping a four-day losing streak, IPCA Laboratories share price rose 5.65% to Rs 1,500 apiece, the highest level since Feb 10. It pared losses as session advanced to noon.
However, shortly after the company reported an increase in its consolidated net profit, the share price inched up towards the day's high. As of 1:30 p.m., IPCA Laboratories share price was trading 4.47% higher at Rs 1,483.20 apiece, compared to 0.45% advancement in the NSE Nifty 50 index.
The stock rose 27.86% in 12 months. Total traded volume so far in the day stood at 5.4 times its 30-day average. The relative strength index was at 47.88.
Out of 21 analysts tracking the company, 12 maintain a 'buy' rating, seven recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.7%
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
