Shares of Windlas Biotech zoomed over 18 per cent amid a market crash today after the firm concluded its European Union GMP Inspection carried out by National Institute of Pharmacy and Nutrition, Hungary for the Plant-IV situated at Dehradun with zero critical observations. The company had undergone this inspection from April 11 to April 13, 2022.
Windlas Biotech is among the leading domestic pharmaceutical formulations contract development and manufacturing organisations (CDMO) in India.
The stock opened 4.13 per cent higher at Rs 246 against the previous close of Rs 236.25 on BSE. Windlas Biotech shares further zoomed 18.52 per cent to Rs 280 .
The stock is trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The stock has lost 3.64 per cent in 2022. However, it has gained 10.37 per cent in a week.
The micro-cap share has gained after 2 days of consecutive fall. Total 0.28 lakh shares of the firm changed hands amounting to a turnover of Rs 75.56 lakh on BSE. Market cap of the firm rose to Rs 579.62 crore on BSE.
The stock hit a 52-week high of Rs 452.10 on August 16, 2021 and a 52-week low of Rs 208.90 on March 31, 2022.
Hitesh Windlass, Managing Director - Windlas Biotech said, "Based on our preliminary discussion with the agency in the sum-up meeting, we estimate zero critical observations and deficiencies, including no observations related to Data Integrity issue. Inspection report will be issued by the agency within 30 days of completion of inspection. The successful completion of this inspection will enable the company to explore new geographical expansion avenues and reinforce the presence in entire European market."
Last week, the firm said it received certificate of Good Manufacturing Practices (GMP) from SAHPRA (South African Health Products Regulatory Authority). The company had undergone the inspection audit from September 20 to September 29, 2021.
For the quarter ended December 2021, the company posted a 32.30 per cent fall in standalone net profit at Rs 8.32 crore against Rs 12.29 crore profit in the corresponding period last year.
Sales rose 0.33 per cent to Rs 117.59 crore in Q3 against Rs 117.20 crore in the same period last year. Operating profit excluding other income came in at Rs 13.05 crore, falling 25 per cent in Q3 against Rs 17.39 crore in the December quarter of 2020.
Windlas Biotech provides a comprehensive range of CDMO services ranging from product discovery, product development, licensing and commercial manufacturing of generic products, including complex generics, in compliance with current Good Manufacturing Practices with a focus on improved safety, efficacy and cost.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today