Rakesh Jhunjhunwala’s Trust backed Stock reports profit growth of 268.89 per cent; Stock Surged 16.20 per cent in two days

The company is almost debt-free and has a high interest of Rakesh Jhunjhunwala's Trusts with an approximate 24 per cent stake

The company reported a record-breaking quarterly revenue of Rs 270.47 crore, marking an impressive 64 per cent year-over-year growth. The company's profits also soared, with a Profit After Tax (PAT) of Rs 81.01 crore, showing an astounding 268.89 per cent YoY increase and a PAT margin of 30.88 per cent, up 1331 basis points from the previous year. These stellar financial results underscore the company's strong growth and efficiency in an increasingly competitive market.

Concord Biotech Ltd. listed on NSE & BSE exchanges through an IPO in the month of August 2023. The issue got a subscription of 67 times from the QIB quota while the issue listed with a 21 per cent gain and at a price of Rs 900 Since then, the stock has continued to be in a bullish phase, accumulating 41.10 per cent returns for its shareholders.

Concord Biotech Ltd. operates as a research and development-based biotechnology company. It manufactures active pharmaceutical ingredients through the processes of fermentation, semi-synthetic, and synthetic methods. The firm's products include APIs in the immunosuppressant, antibiotic, oncology, antifungal, and hypolipemic segments and enzymes.

The company is almost debt-free and has a high interest of Rakesh Jhunjhunwala's Trusts with an approximate 24 per cent stake. Concord Biotech's stock commenced at Rs 1203.90 and concluded at Rs 1324.50 on the last trading day. The stock soared to a high of Rs 1379.80 during the session, but it also dipped to a low of Rs 1196.25. Concord Biotech's market capitalization presently stands at Rs 13757.33 crores.

Disclaimer: The article is for informational purposes only and not investment advice.