On August 22, a big block deal in Alkem Laboratories saw shares worth ₹487 crore being traded. It was about 8.5 lakh shares or 0.7 per cent stake in the pharma company, at a floor price of ₹5,732 per share. The sellers of the deal are reportedly promoters of the company.
Though the exact details of the buyers and sellers were not immediately known, reports from CNBC-TV18 indicated that a promoter could potentially be looking to sell this stake, amounting to ₹477.36 crore. At the end of the April-June quarter, promoters held a cumulative 56.38% stake in the company.
Alkem Laboratories has been doing pretty good on the financial front, as it witnessed its net profit grow significantly in the first quarter of the fiscal. The company’s net profit nearly doubled to ₹545.16 crore from ₹286.73 crore in the corresponding period previous year, riding on domestic sales. Its revenue witnessed marginal growth and came in at ₹3,031.82 crore from ₹2,967.72 crore in the same quarter previous year.
Domestic sales, which contributed significantly to this growth, were at ₹2,022.3 crores, up 6.4% YoY, thereby comprising 67.6% of total revenues for Q1 FY25. However, international sales dropped 4.6% at ₹967.7 crores.
Alkem Labs has also been making news for its potential bid to acquire the country’s largest cardiac stent maker, Sahajanand Medical Technologies (SMT), which is competing with global private equity giants such as KKR, Apax Partners, and TPG Capital. The expected valuation of the acquisition ranges from ₹3,500 crore to ₹4,000 crore.
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Source: Moneycontrol
News Desk
