Gland Pharma shares gained nearly 3 percent in trade Thursday after the company announced that it has received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its Dundigal facility located near Hyderabad in Telangana.

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In a filing to the stock exchanges on August 24, the company said that the USFDA awarded it a Good Manufacturing Practice (GMP) certification in relation to an inspection conducted at Gland Pharma’s Dundigal facility.

The inspection was conducted by the US health regulator between July 3 and July 14, 2023.

The Hyderabad-based pharmaceutical company received an Establishment Inspection Report (EIR) from the USFDA, which indicated the closure of the aforementioned inspection.

For the quarter ended on June 30, 2023, Gland Pharma reported a consolidated net profit of Rs 194.1 crore, down 15.3 percent on a year-on-year basis from Rs 229.17 crore witnessed in the same quarter last year.

Its consolidated net sales, on the contrary, made a strong 41.05 percent growth in the quarter under review to Rs 1,208.69 crore, when compared to Rs 856.9 crore in the corresponding quarter a year ago.

Also, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 331.5 crore in the June quarter, down 3.72 percent YoY from Rs 344.31 crore in the year-ago period.

Shares of Gland Pharma were trading at Rs 1,600.65 apiece, up 1.22 percent, on BSE at 1:45 pm.