Alkem Laboratories’ Baddi unit gets Voluntary Action Indicated, by USFDA

26 Jun 2024 , 06:49 PM

Alkem Laboratories Limited announced on Tuesday, June 25, that the US Food and Drug Administration (USFDA) had issued an establishment inspection report (EIR) for its production facility in Baddi, Himachal Pradesh. The inspection conclusion was classified by the US authority as voluntary action indicated (VAI).

The inspection was then properly closed. The establishment was examined by the US FDA on March 27 of this year.

Earlier on June 25, about 3.6 lakh shares of Alkem Laboratories Ltd were traded in a block deal worth ₹117.8 Crore before the market opened. The shares were traded at ₹4,956 per, a 1% decrease from the previous session’s closing price of ₹5,011.10.

On May 29, Alkem Laboratories announced its financial results for the quarter and fiscal year ending March 31, 2024. In Q4FY24, the company reported a consolidated profit of ₹293.56 Crore, up 313.6% from the previous year’s ₹70.98 Crore. In the March 2024 quarter, the company’s revenue from operations was ₹2,935.82 Crore, up slightly from ₹2,902.60 Crore in the fourth quarter of FY23.

Alkem Laboratories reported an EBITDA of ₹402 Crore, a 13.8% rise from the previous year.

The board of Alkem Laboratories suggested a final dividend of ₹5 per equity share of ₹2 for FY24. The dividend is subject to shareholder approval at the next annual general meeting on August 30.

The company has designated August 10, 2024 as the record date for deciding whether stockholders are eligible for the dividend. If authorised by shareholders, the dividend will be paid beginning September 4.

At around 11.58 AM, Alkem Laboratories was trading 0.51% lower at ₹5,066.75 per piece, against the previous close of ₹5,092.70 on NSE. The counter touched an intraday high and low of ₹5,108.90, and ₹5,002, respectively.

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