Pharmaceuticals major, Unichem Laboratories posted strong growth in the first quarter of financial year 2023-24. The revenues jumped 36 percent year to Rs 423 crore versus Rs 310 crore in the same quarter of last year.

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The net loss narrowed to Rs 66 lakhs versus Rs 23 crore year on year. The earnings before interest, tax, depreciation and amortisation (EBITDA) is at Rs 29 crore and EBITDA margins stood at 6.9 percent.

In FY23, the company posted a net loss of Rs 202 crore, with revenues of Rs 1,343 crore. In April 2023, IPCA Labs announced the acquisition of a 33.38 percent stake in Unichem Labs for Rs 1,034.06 crore.

In June 2023, Dr. Prakash A. Mody was reappointed as the Chairman and Managing Director of the company for a period of three years commencing from July 1, 2023.

Unichem Laboratories closed the trading session at Rs 385 per share on July 14 with gains of 1.5 percent. The stock has gained 25 percent since the start of the ongoing calendar year.

(Edited by : Vahishta Unwalla)