Piramal group's Piramal Pharma is having a field day in the equity markets today, as the company shares have scaled stratospheric heights in the intraday trade on Thursday, October 24.
Piramal Reports Bumper Earnings
This development came to pass after the company filed its results for the quarter that ended in September. In the results declared on Wednesday, the company has exhibited extensive growth in its fiscal abilities.
The Mumbai-based pharmaceutical company recorded a total income of Rs 2,302.86 crore in the quarter that ended in September. This figure is far greater than the Rs 1,960.57 crore in the corresponding quarter in the previous fiscal year (FY24). This marked a 17.4 per cent share in the company, year-on-year.
Profits Rise by 172%
In addition, the company's net profit after taxes stood at Rs 210.06 crore for the second quarter of this fiscal year, which is bigger than Rs 77.16 crore of the profit managed by the company in the previous fiscal cycle. This marked a massive jump of 172 per cent in its profit.
In addition, the company's total expenses also rose to Rs 2,200.00 crore. Compared to September 2023, when the company made Rs 1,940.12, the distinction in overall expenses has widened.
Piramal Pharma's tax expenses also rose threefold in the span of a year. In the previous fiscal cycle, the pharma company earmarked a total of Rs 19.03 crore for its tax expenses. Come September, the tax expenses rose to Rs 65.65 crore.
Pharma Company's Shares Skyrocket
When we take a look at the company shares, Piramal Pharma shares have been progressing with ferocity like no other. The shares that opened at Rs 227.90 have been on a steady ascent, climbing the value tree. Equalling its gains in the past 5 trading sessions (15.92 per cent).
On Thursday, October 24, the company shares rose by over 17. At the time of writing, the surge in stock price stood at 17.54 per cent or Rs 38.00. This took the overall value of the shares to Rs 254.70 per piece.