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Akums Drugs shares climb 5% after tie-up with Canada based Triple Hair Inc
Source: Business Standard
Shares of Akums Drugs and Pharmaceuticals rose up to 5.32 per cent at Rs 928 a piece on the BSE after the company on Wednesday said that it has entered into a licence and distribution agreement with Canada-based Triple Hair Inc.
As per the terms of the agreement, the Akums Drugs and Pharmaceuticals has been granted the exclusive rights to further develop and market the products recently innovated by Triple Hair Inc, in the Territory of India. The Company will undertake this development and commercialization after obtaining the necessary regulatory approvals or requisite licences in India.
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The agreement grants the company exclusive right to use Triple Hair’s intellectual property rights (Patent) solely to carry out the studies and perform the services as stipulated in the agreement, the company said in an exchange filing.
Akums Drugs and Pharmaceuticals is a leading pharmaceutical company specialising in contract development and manufacturing (CDMO). It produces a diverse range of pharmaceutical products, including tablets, capsules, liquid orals, vials, and ampoules. Akums also manufactures and supplies key starting materials, intermediates, and active pharmaceutical ingredients (APIs)
Akums financials
The CDMO firm reported a 5.08 per cent year-on-year increase in its revenue for Q1 FY25, reaching Rs 1,019.1 crore. The company also posted a net profit of Rs 60.1 crore during the quarter, marking a turnaround from the Rs 188 crore loss in Q1FY24 and the Rs 41.3 crore loss in the previous quarter. Sequentially, revenue grew by 7.93 per cent. Additionally, Akums’ Ebitda margins saw a significant 21.1 per cent year-on-year rise, reflecting improved operational performance.
The company has a total market capitalisation of Rs 14,464.51 crore. At 12:44 PM, the stock price of the company was up by 4.53 per cent at Rs 921 a piece on the BSE. By comparison, the BSE Sensex was down 0.43 per cent at 81,468.94 level.
First Published: Oct 16 2024 | 12:50 PM IST
