Alkem Laboratories Posts 91% Jump in Q1 Net Profit

Alkem Laboratories reported a 91% increase in consolidated net profit, reaching Rs 550 crore in Q1 ending June 2024, driven by strong sales. Total income rose to Rs 3,152 crore. CEO Vikas Gupta highlighted efforts to improve profitability, manage costs, and focus on domestic and emerging markets.

Alkem Laboratories on Friday announced a significant increase in its consolidated net profit, which surged by 91% to Rs 550 crore in the first quarter ending June 2024. This jump was primarily driven by robust sales.

The drug firm had earlier reported a net profit of Rs 288 crore for the same period last fiscal. The company's total income for the quarter increased to Rs 3,152 crore, compared to Rs 3,033 crore in the corresponding period of the previous year, according to a regulatory filing.

'We are happy that our efforts to improve profitability have started paying off, and we have seen a marked increase in margins during the quarter,' said Alkem Laboratories CEO Vikas Gupta. The company remains committed to maximizing EBITDA margin through strategic product mix management, cost control, and benefiting from favorable raw material prices. Gupta also emphasized the company's focus on strengthening its domestic business and expanding into emerging markets. Shares of Alkem Laboratories closed at Rs 5,793.15 apiece, marking a 1.86% increase on the BSE.

(With inputs from agencies.)