Mangalam Drugs posts 31 per cent growth in profit, stock surges

Pharma company Mangalam Drugs & Organics' stock rallied on Monday as the company announced its second quarter results for the financial year 2018. The company reported a 31 per cent hike in its profit, following which stock of the company surged by over 6 per cent to Rs. 161.85 per share on the bourses on Monday.
 
The company ’s profit grew by 31.4 per cent to Rs. 6.7 crore on the back of tremendous growth in operational income in Q2FY18. The company had posted its profit at Rs. 5.1 crore in the same quarter in the previous year. The company’s revenue increased by 8.8 per cent in Q2FY18. EBITDA of the company also surged by 39.8 per cent to Rs. 14.8 crore and the margin expanded by 390 basis points to 17.8 per cent for the corresponding quarter.
 
The stock surged to an intraday high of Rs. 161.85 per share and an intraday low of Rs. 152.20 per share on BSE on Monday. The stock hit its 52-week high of Rs. 214.85 per share on April 25, 2017 and its 52-week low of Rs. 122.90 per share on November 22, 2016 on BSE, respectively. The stock closed at Rs. 155.50 per share, higher by 2.17 per cent on BSE on Monday.