Lincoln Pharmaceuticals reports consolidate net profit after tax at Rs 18.92 cr, up 26 per cent in Q2FY2019-20
Net revenues for Q2FY20 at Rs. 115.21crore, up 7.64% as compared to Rs.107.03 crore in Q2 FY19
Lincoln Pharmaceuticals has reported net profit of Rs 18.92 crore for the Q2 FY 2019-20 ended September 2019 as against net profit of Rs 15 crores in the corresponding period last year, growth of 26 per cent. Net revenue for the quarter ended September 2019 reported at Rs 115.21crores were higher by 7.64 per cent over previous fiscal’s same period net revenue of Rs 107 crores. EPS has at Rs 9.46 per share for the Q2FY20 against EPS Rs 7.50 in correspondence period last year.
Recently, the company was awarded with a patent for its liquid Diclofenac Metered-Dose Rectal spray (Diclofenac Rectal Spray). The company has necessary approvals from Drug Controller General of India (DCGI) and is planning to launch it in the Indian market by January 2020. The company is also planning to apply for a global patent for this novel solution.
Commenting on the results and performance, Mahendra Patel, Managing Director, Lincoln Pharmaceuticals, said, “We are pleased to report robust financial performance during the quarter. The growth has been attributed to a strong performance in domestic and international markets. Our exports sales (FOB) increased 10.95 per cent. During the quarter, our profitability has been supported by higher revenue contribution from products manufactured in house, better margin products, increased revenue from higher margin markets. Going forward, our widespread geographic reach, increasing exports revenue, healthy customer and product base coupled with focus on own manufacturing will continue to support our business. With best-in-class R&D capabilities supported by strong industry experience and improving market dynamics, we are confident of achieving improved performance and maximise shareholders’ wealth in the near-to -medium term.”
Lincoln Pharmaceuticals has a strong R&D team, including more than 30 scientists. It has filled 20 plus patent applications and is awarded five patents. The company has developed 300 plus formulations in over 15 therapeutic areas including anti-infective, respiratory system, cardio and CNS, anti-bacterial, anti-diabetic and anti-malaria, among others.
During the quarter, board of directors of the company approved the scheme of amalgamation between Lincoln Parenteral (transferor company) and Lincoln Pharmaceuticals (transferee company). Lincoln Parenteral is the subsidiary company of Lincoln Pharmaceuticals engaged in the business of small parenteral injection products. The corporate restructuring practice will bring lot of synergies for both the companies and will lead to an increased competitive strength, cost reduction and efficiencies, productivity gains, and logistic advantages, thereby significantly contributing to future growth.
Going green, the company has also set up a new solar plant of 1 MW at factory’s rooftop with a capacity of producing 15 lakh power unit per annum in addition to two windmills.