IPCA Laboratories shares rise 4%; one of the promoters sells stake worth ₹600 crore

Usha Madhukar Chandurkar, one of the promoters of IPCA Laboratories, on Wednesday divested a 1.6% stake in the pharmaceutical company for ₹600 crore through an open market transaction.

According to the bulk deal data available with the BSE, Usha Madhukar Chandurkar offloaded 40 lakh shares, amounting to a 1.6% stake in IPCA Laboratories.

The shares were disposed of at an average price of ₹1,501.52 apiece, taking the aggregate value to ₹600.61 crore.

Details of buyers of Ipca Laboratories' shares could not be ascertained on the BSE, according to a PTI report.

IPCA Laboratories Q2 FY25 Results

IPCA Laboratories said its consolidated net profit declined 58% year-on-year to ₹229 crore in the September quarter.

The drug firm had reported a net profit of ₹145 crore in the year-ago period.

Revenue from operations rose to ₹2,355 crore for the second quarter of the current fiscal year as compared with ₹2,034 crore in the year-ago period, Ipca Laboratories said in a regulatory filing.

The company said its domestic formulations business revenue stood at ₹940 crore for the quarter, up 11% from ₹845 crore a year earlier.

The export of generics stood at ₹286 crore during the quarter under review as against ₹264 crore, registering a year-on-year growth of 8%.

The company said its board has approved an interim dividend of ₹21 per share of ₹1 each for 2024-25.

IPCA Laboratories is a consumer-led global pharmaceutical company. It is a fully integrated pharmaceutical company that manufactures over 350 formulations and 80 APIs for various therapeutic segments.

Shares of the pharma company have gained over 38% in the past six months and 42% in the past 12 months.