Shares of Neuland Laboratories Ltd. ended locked in an upper circuit of 20 percent to end of a 52-week high of Rs 2,540.15 after the company's operating profit more than tripled from last year during the March quarter.

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The company reported its highest-ever EBITDA during the March quarter of Rs 119.8 crore, a growth of 208 percent from the same period last year's figure of Rs 38.8 crore.

Neuland Laboratories reported a 60 percent jump in its overall revenue to Rs 407.1 crore, led by growth in its specialty and CMS segments.

EBITDA margin for the quarter expanded to 29 percent from 15.2 percent during the same period last year. Better business mix and operating leverage contributed to the improvement in margin during the quarter.

The pharma company reported 289.4 percent growth in net profit on a year-on-year basis to Rs 84.5 crore in the March quarter compared to Rs 21.7 crore in the same quarter last year.

Saharsh Davuluri, Vice Chairman and Managing Director of Neuland Laboratories said that a number of CMS projects were executed during the year and they contributed to nearly half of the March quarter revenue. "We expect this momentum to continue in the future as well due to the number of new customers increasingly accepting Neuland as an established CDMO," he said.

Neuland Labs posted earnings per share (EPS) of Rs 65.9 for the March quarter and Rs 127.45 for the financial year 2022-23.

Shares of Neuland Laboratories ended locked in an upper circuit of 20 percent at Rs 2,538.30.