Neuland Laboratories Stock Soars Nearly 6% After US FDA Inspection

22 Mar 2024 , 03:13 PM

Neuland Laboratories Ltd continued its upward trajectory, surging nearly 6% following the company’s announcement to the exchanges regarding the successful completion of a US Food and Drug Administration (FDA) inspection in Hyderabad, with no observations recorded.

In its statement concerning its Bonthapally facility, the company affirmed, “The inspection at Unit 1 by the US FDA has been successfully completed, with no observations under Form 483.” The FDA conducted the inspection from March 18-22.

Neuland Laboratories has demonstrated remarkable growth, witnessing a surge of over 285% in the past year and a 75% increase in the last six months. Despite a slight decline of 10.8% in March, the stock had notable gains of 21% and 12% in February and January, respectively.

Established in 1984, Neuland Laboratories specializes in manufacturing active pharmaceutical ingredients (APIs) and offers comprehensive chemistry-related solutions for the pharmaceutical industry.

In the quarter ending December, Neuland Laboratories reported a consolidated net profit of ₹81.39 Crore, a substantial increase from ₹30.54 Crore in the corresponding period of the previous year. Additionally, revenue rose to ₹392.82 Crore from ₹269.25 Crore.

At 2:43 pm, the stock was trading at ₹6,388 on NSE, marking a notable increase of 5.73% from the previous close.