Multibagger pharma stock posts over 10% rise in Q2 net profit

Pharmaceuticals company Sigachi Industries Limited has announced its earnings for the second quarter of the ongoing financial year. The company said that its profit in the quarter stood at Rs 15.11 crore, up over 10 per cent from Rs 13.57 crore reported in the year-ago period.

In the previous quarter (Q1), the net profit was seen at Rs 10.87 crore, the company said in a regulatory filing today.

The company clocked a total income of Rs 100.28 crore for the quarter that ended on September 30, 2023. The same had come in at Rs 84.67 crore in the September quarter of the last year.

The total expenses rose to Rs 82.06 crore in the quarter from Rs 69.45 crore in the year-ago period.

Sigachi Industries shares have given multibagger returns to its investors. Its stocks have yielded more than 100 per cent return in a span of just six months.

Earlier in October, the company had split its equity shares. Each equity share of the face value of Rs 10 was split into 10 equity shares of the face value of Re 1.

A sub-division or split of shares is a kind of corporate action that enables a listed company to bifurcate the face value of each equity share in order to increase the total number of equity shares on the bourses.

Incorporated in 1989, Sigachi Industries is a manufacturer of cellulose-based excipients for finished dosages in the pharmaceutical industry. Also operating in the fields of nutraceuticals and food ingredients, Sigachi Industries is a manufacturer of microcrystalline cellulose worldwide.