Pharmabiz
 

FDC net went up by 94% in Q3, board approves buyback proposal

Our Bureau, MumbaiThursday, February 8, 2018, 16:20 Hrs  [IST]

FDC, a Rs.1,000 crore plus pharma major, has registered a net profit growth of 93.6 per cent during the third quarter ended December 2017 to Rs.42.66 crore from Rs.22.03 crore in the same period of last year. Its net sales increased by 7.6 per cent to Rs.248.77 crore from Rs.231.19 crore. With improvement in profits, EPS moved up to Rs.2.40 from Rs.1.24 in the last period.

For the nine months period ended December 2017, FDC's net sales increased by 1.1 per cent only to Rs.799 crore from Rs.790 crore in the corresponding period of last year. Its net profit declined slightly to Rs.136.79 crore from Rs.137.99 crore.

The board of directors has approved the buyback proposal for purchase by the company of its own fully paid up equity shares of Rs.1/- each from the equity shareholders of the company as on the record date to be announced later, not exceeding 34.30 lakh fully paid up equity shares at a price of Rs.350 per equity share for an aggregate amount not exceeding Rs.120.05 crore on a proportionate basis through the "Tender Offer" route. Currently, FDC scrip is moving around Rs.280 on BSE.

 
[Close]