Net revenues for Q2FY20 at INR 115.21crore, up 7.64% as compared to INR107.03 crore in Q2 FY19.
Lincoln Pharmaceuticals Limited, one of the leading healthcare companies reported net profit of Rs. 18.92 crore for the Q2 FY 2019-20 ended September 2019 as against net profit of Rs. 15 crore in the corresponding period last year, growth of 26%. Net revenue for the quarter ended September 2019 reported at Rs. 115.21crore were higher by 7.64% over previous fiscal’s same period net revenue of Rs. 107crore. EPS has at Rs. 9.46 per share for the Q2FY20 against EPS Rs. 7.50 in correspondence period Last year.
Recently company was awarded with a patent for its liquid Diclofenac Metered-Dose Rectal Spray (Diclofenac Rectal Spray). The company has necessary approvals from Drug Controller General of India (DCGI) and planning to launch it in the Indian market by January 2020. The Company is also planning to apply for a Global Patent for this novel solution.
Commenting on the results and performance, Mahendra Patel, Managing Director, Lincoln Pharmaceuticals Limited, said “We are pleased to report robust financial performance during the quarter. The growth has been attributed to a strong performance in domestic and international markets. Our exports sales (FOB) increased 10.95%. During the quarter our profitability has been enhanced supported by higher revenue contribution from products manufactured in house, better margin products, increased revenue from higher margin markets. Going forward, our widespread geographic reach, increasing exports revenue, healthy customer and product base coupled with focus on own manufacturing will continue to support our business. With best in class R&D capabilities supported by strong industry experience and improving market dynamics, we are confident of achieving improved performance and maximize shareholders’ wealth in the near to medium term.”
Lincoln Pharmaceuticals Ltd has a strong R&D team including 30 plus scientists. It has filled 20 plus patent applications and is awarded five patents. The company has developed 300 plus formulations in 15 plus therapeutic areas including anti-infective, respiratory system, cardio & CNS, anti-bacterial, anti-diabetic, anti-malaria among others.
During the quarter, board of directors of the company approved the scheme of amalgamation between Lincoln Parenteral Ltd (“Transferor Company”) and Lincoln Pharmaceuticals Ltd (“Transferee Company”). Lincoln Parenteral Ltd is subsidiary company of Lincoln Pharmaceuticals Ltd engaged in the business of small Parenteral Injection Products. The corporate restructuring practice will bring lot of synergies for the both the company and will lead to increased competitive strength, cost reduction and efficiencies, productivity gains, and logistic advantages, thereby significantly contributing to future growth.
Going green, company has also set up a new Solar Plant of 1 MW at factory’s rooftop with a capacity of producing 15 Lakh Power Unit Per annum in addition to two windmills. Company’s long term bank facilities are rated by A- by CRISIL and ICRA and short term bank facilities are rated as A2+.