Aarti Drugs shares surge over 19% on Q1 results & buyback news
Aarti Drugs' shares surge over 19% to Rs. 609 on BSE. The company's Q1 consolidated net profit jumps 38% to Rs. 48 crore, compared to Rs. 34.8 crore in the year-ago period.
- Q1FY24, revenue surged by 6% to reach Rs. 661.7 crore compared to Rs. 622.2 crore in the corresponding period last year.
- EBITDA for Q1 FY24 stood at Rs. 84.7 crores, compared to Rs. 67.4 crores recorded in Q1 FY23.
Aarti Drugs' board approved a buyback plan to repurchase up to 6,65,000 lakh equity shares at a maximum value of Rs. 59.85 crore. The fixed buyback price is Rs. 900 per equity share, a significant 76% premium over the last closing price. The proposed buyback size represents 0.72% of the company's total equity.
In terms of revenue distribution,
- Approximately 68% of the company's Q1FY24 revenues came from the domestic market,
- Remaining 32% were from the export market for its standalone business.
- Notably, domestic revenue exhibited remarkable growth, increasing by approximately 13.6%
- Exports de-grew by around 4.0% year-on-year (YoY) for Q1 FY24
Source: Media Reports
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