Neuland Laboratories has revised the meeting of the Board of directors which was scheduled to be held on 03 February 2021. The meeting will now be held on 02 February 2021.

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Neuland Laboratories will hold a meeting of the Board of Directors of the Company on 3 February 2021.

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Profit before tax stood at Rs 28.68 crore, up by 130.3% from Rs 12.45 crore in Q2 September 2019. Current tax expense during the quarter increased by 5.7% year-on-year (YoY) to Rs 3.47 crore.

The company's board has recommended interim dividend of Rs 2 per share.

Commenting on the performance, Sucheth Davuluri, vice-chairman and chief executive officer of the company, said: “We are pleased to report a record quarterly revenue of Rs 242 crore. The revenue growth of 29.6% was powered by both the Prime and Custom Manufacturing Solutions (CMS) verticals. We believe this sets us up firmly on the growth path for the rest of this year while providing a strong base for the next fiscal as well. We are also pleased to report that Unit III has commenced revenue generation which will act as a further tailwind going forward.”

In addition, Saharsh Davuluri, vice chairman and managing director, Neuland Labs, added: “The CMS business is continuing to drive growth with good performance from the baseline projects. We are seeing our efforts over the years pay off as more molecules are progressing in the pipeline towards commercialization. Our focus will continue to be on adding products in both Generic Drug Substances (GDS) and CMS that will drive long term growth.”

Neuland Labs manufactures active pharmaceutical ingredients (APIs) through its cGMP manufacturing facilities, working with customers in close to 80 countries.

The scrip tumbled 4.67% to Rs 1226.60 on the BSE. It traded in the range of 1221.05 and 1289.25 so far during the day.

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Neuland Laboratories announced that the Board of Directors of the Company at its meeting held on 03 November 2020, has recommended a Interim dividend of Rs.2 per share (i.e.20%), subject to the approval of the shareholders.

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