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Cadila Healthcare stock hits fresh 52-week high on four fold rise in Q2 profit

Share of Cadila Healthcare hit an yearly high of Rs 451 rising up to 10% against previous close of Rs 410.15 on BSE

twitter-logoBusinessToday.In | November 3, 2020 | Updated 16:34 IST
Cadila Healthcare stock hits fresh 52-week high on four fold rise in Q2 profit
Cadila Healthcare share closed 6.66% or Rs 27 higher at Rs 437.

Cadila Healthcare stock hit a fresh 52 week high today after the pharma firm reported a four-fold rise in Q2 net profit. Share of Cadila Healthcare hit an yearly high of Rs 451 rising up to 10% against previous close of Rs 410.15 on BSE.

The stock opened with a gain of 3.13% at Rs 423 today. The share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

It has gained 71.35% in one year and 72.09% since the beginning of this year. Total 7.51 lakh shares changed hands amounting to turnover of Rs 33.51 crore on BSE. Later, Cadila Healthcare share closed 6.66% or Rs 27 higher at Rs 437. The pharma firm reported an over four-fold jump in its consolidated net profit to Rs 473.4 crore in Q2 against Rs 107.2 crore net profit for the corresponding period of the previous financial year.

 Consolidated total revenue from operations rose to Rs 3,820 crore in Q2 against Rs 3,366.6 crore for the same period a year ago.

The company has significantly reduced its net debt-by Rs 2,709 crore in the first six months of FY21, which is 40 per cent reduction from net debt reported in March 2020. The net debt as on September 30, 2020, stood at Rs 4,031 crore against Rs 6,740 crore as on March 31, 2020, the filing said.

Making progress with its research initiatives to fight COVID 19, the company will be completing the pre-clinical development on ZYIL 1, a small molecule NCE positioned for management of critically ill COVID 19 patients, it added.

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