Rs. 8.75 (@ 30%) Dividend: Saturday, 22nd June - Record Date; Right Time To Buy?

Concord Biotech Limited is a biopharma company dedicated to research and development that produces binding formulations and active pharmaceutical ingredients (API) using fermentation and semi-synthetic processes. Since its founding in 2000, Concord has become a well-known brand with a presence in over 70 countries and an effective distribution network that serves markets in the USA, Europe, Japan, Latin America, Africa, Asia, and India. Concord boasts top-notch manufacturing facilities and is based close to Ahmedabad, Gujarat, India and operates two API production facilities and one completed formulation facility.

Concord Biotech Dividend

"The Board has recommended Dividend of Rs. 8.75 (@ 30%) per Equity Share of face value of Re. 1 each fully paid up for the Financial Year 2023-24, subject to approval by shareholders of the Company at the ensuing AGM. Pursuant to the Regulation 42 of SEBI Listing Regulations, it is hereby informed that the Company has fixed Saturday, 22nd June, 2024 as 'Record Date' for the purpose of determining entitlement for the purpose of identifying the members entitlement to receive Dividend of Rs. 8.75 (@ 30%) per Equity Share having face value of Re. 1/- each fully paid-up for the financial year 2023- 24," said the company in a stock exchange filing.

Concord Biotech Q4 & FY24 Performance Overview

Mr. Ankur Vaid, Joint Managing Director & Chief Executive Officer for Concord Biotech Limited said, "We are delighted to report that our revenue for Q4 FY24 stood at Rs. 319 crores, reflecting a growth of 17%. Our revenue for the entire FY24 grew by 19%, aligning with our long-term guidance. Additionally, our EBITDA and PAT grew by 26% and 28% respectively on a year-on-year basis. We are pleased to inform that, we got inspected by numerous regulatory authorities such as USFDA, Bavarian Regulatory Authority (EUGMP), ANVISA (Brazil) and Food & Drug Authority in Saudi Arabia across different facilities and have also received various product approvals in both regulated and emerging markets. Furthermore, we have filed DMFs and registered our products across various global markets."

"Our primary focus remains on expanding our geographical reach, diversifying our product portfolio, increasing our customer base and wallet share among existing customers. In FY24, in API segment, we added 2 new products in the areas of Immunosuppressants & Anti-Infectives, bringing our total product count to 30. In Formulations, we have added 21 products in the field of Nephrology, Critical Care & Rheumatology taking our total count to 98 products. We continue to invest in R&D for new product development and have a robust pipeline of more than 10 products planned for introduction over the coming years. Simultaneously, we are also exploring opportunities in CDMO business to amplify our growth prospects. With the large portfolio of fermentation-based APIs, extensive capacities and capabilities for scaling, deep domain expertise, and a broad customer base, we remain confident in our growth strategies," he further added.

Concord Biotech Share Price Target

"India-based biopharmaceutical company Concord Biotech Limited has piqued the interest of many, primarily due to its strong presence in international markets such as the US, Europe, and Japan, highlighting its growth potential. It has offered a dividend yield of 0.47% to its stockholders. However, it should be noted the company's current PE stands at 49.7 compared to the average sector PE of 24.86, suggesting its overvalued condition. Regardless those interested can enter the stock at Rs. 1250-1300 price level for a targeted price of Rs. 1430/1500/1650/2000. For this stock, I recommend a holding period of 30-180 days and trailing the stop loss of Rs. 1150 closely to minimize losses," commented V.L.A. Ambala, a Research Analyst (SEBI Registered), Co-founder - Stock Market Today (SMT).

Disclaimer

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