Mid-Cap Pharma Stock Gains 6% As Board Fixes Record Date For 400% Dividend

Alembic Pharmaceuticals Limited is a mid-cap company that opened today on the BSE at Rs 604.00 apiece. The stock then clocked an intraday high of Rs 643.95 during morning deals which log in a gain of 6.61%. The buying interest witnessed on the stock after the Board of Directors declared record date for 400% dividend.

The Board of Directors of the company have recommended a dividend of Rs. 8/- (400%) per equity share having a face value of Rs. 2/- each, subject to the approval of the shareholders at the ensuing Annual General Meeting.

"Pursuant to Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform the exchange that the Company has fixed Friday, 28th July, 2023 as the Record Date for determining the entitlement of members of the Company to receive dividend for the financial year ended 31st March, 2023. The payment of dividend will be made on or from Friday, 8th August, 2023, upon the same being approved at the Annual General Meeting scheduled to be held on 4th August, 2023," said Alembic Pharmaceuticals in a stock exchange filing.

The company recorded a net sales of Rs.1406 crores during March 2023 quarter whereas the net sales reached Rs. 5653 crores during the financial year ended March 2023. The company said its net profit stood at Rs.153 crores during Q4FY23 and its net profit was Rs. 342 crores in FY23.

Mr. Pranav Amin, Managing Director, Alembic Pharmaceuticals Limited said "The USA business continues to remain challenging, however, the Company witnessed topline growth across all other verticals. In particular, the API business outperformed with a 41% growth and Ex-US generics with 33% growth during the quarter. We have started commercialization of products from our injectable and oncology facilities. India Branded Business continues to out perform the market especially on focused products / therapeutic segments."

The stock made a 52-week-high of Rs 757.65 on (27/06/2022) and a 52-week-low of Rs 463.30 on (29/03/2023). During Q4FY23, the company reported promoters' shareholding of 69.61%, FIIs stake of 4.55%, DIIs stake of 13.32% and public stake of 12.53%.