Shares of Sanofi India surged over 5 per cent in morning trade on the bourses after the drug firm reported over two-fold increase in its net profit at Rs. 92.7 crore for the fourth quarter ended December 31, 2013.
Reacting to the good numbers, shares of the company opened on a bullish note and jumped 5.25 per cent to an intra-day high of Rs. 2,779 on the BSE.
Similar movement was seen on the National Stock Exchange as well where the stock after opening at Rs. 2,730, jumped 5.60 per cent to an early high of Rs. 2,780.
Sanofi India’s net profit for the quarter ended December 31, 2013, witnessed over two-fold increase on account of robust sales in export markets. The company had posted a net profit of Rs. 44.8 crore during the same period of the previous fiscal.
“Sanofi India posted numbers better than expected,” Angel Broking (VP-Research, Pharma) Sarabjit Kour Nangra said adding that “the main surprise came in at operating front.”
The company while announcing the earnings yesterday, said that the “significantly better export performance during the quarter and the year ended December 31, 2013, has resulted in improvement in profitability of the company.”
Moreover, the company’s board has recommended final dividend of Rs. 35 per equity share of Rs. 10 for the year ended December 31, 2013.