Concord Biotech shares rally over 12% to hit new record highs; check details

The stock opened higher at ₹1629 apiece on the National Stock Exchange and surged as much as 12.5% in intraday trade to hit a high of ₹1,815.

Around 15.38 lakh shares of the company changed hands on the NSE with a total traded value of ₹266.24 crore.

However, the stock could not hold on to its gains and slipped from those levels to trade around 5.6% higher at ₹1,703 per share at 2:15 PM.

The Concord Biotech stock has been up 0.09% in the past one month.

Year-to-date, the share price has risen almost 14% and is up by a massive 74% in the past one year.

Established in 2000, Concord Biotech is a biopharmaceutical company that manufactures active pharmaceutical ingredients (APIs).

The company has two API-manufacturing units and one finished formulation unit, all located near Ahmedabad, Gujarat.

For the recently concluded June 2024 quarter (Q1 FY25), Concord Biotech reported a consolidated net profit of ₹59.59 crore, up 9.4% year-on-year from ₹54.49 crore in the year-ago period.

The company’s sales, meanwhile, rose 10.8% YoY to ₹215.80 crore in the June quarter, compared to ₹194.8 crore during the same quarter a year ago.

Concord Biotech reported growth across segments barring the exports where the revenue slipped 3% YoY to ₹90.1 crore in Q1 from ₹87.9 crore reported a year ago. The company’s Q1 revenue from the formulations business rose 43% YoY to ₹44.8 crore from ₹31.2 crore a year ago.

For the previous year ended March 2024, Concord Biotech had reported a 28.3% increase in net profit to ₹308.1 crore compared to a net profit of ₹240.1 crore in the previous fiscal 2022-23. The company’s revenue for the full year grew 19.2% year-on-year to around ₹1,017 crore during FY24.