Shares of Aarti Drugs surged as much as 13.48 per cent to Rs 2,398.40 on the BSE on Monday after the company announced that its board will meet on August 20 to consider bonus issue proposal.
"This is to inform you that next Board Meeting of the Board of Directors of the Company is scheduled to be held on Thursday, August 20, 2020 to consider a proposal for issue of Bonus Shares," the company said in a filing to exchanges today.
At 12:45 PM, the stock was trading 8.35 per cent higher at Rs 2,290 as compared to a flat S&P BSE Sensex. Around 6.1 lakh shares have changed hands on the NSE and BSE so far combined.
The company announced its June quarter results on July 25, 2020 during which it reported a 280.62 per cent year-on-year (YoY) jump in net profit to Rs 85.45 crore as against Rs 22.45 crore during the previous quarter ended June 2019.
The company's consolidated revenue for the quarter came in at Rs 544.67 crore, up 34.34 per cent YoY, with 85 per cent and 15 per cent contribution from API segment and formulation, respectively.
Domestic sales of the API segment grew 28 per cent and exports by 29 per cent. Around 50 per cent of the YoY growth in the API segment was due to volume growth. Formulation segment revenues grew by around 89 per cent YoY on the account of high export growth.
Consolidated earnings before interest, tax, depreciation, and ammortisation (Ebitda) for the quarter stood at Rs 135 crore, up 147 per cent YoY. Consolidated Ebitda margin improved to 24.83 per cent.
The company said it has planned additional CAPEX for introducing new products in anti-diabetic category towards the end of FY21.