Pharma Stock Below Rs 100 Jumped 17% After Strong Q3 Results & 1:10 Stock Split

After Sigachi Industries announced strong financial results in the December 2023 quarter, Shares of the company surged more than 17 per cent during Saturday's special trading session The company announced its results after trading hours on Friday.

Sigachi Industries on Friday reported a 64.05 per cent rise in its consolidated net profit on a YoY basis at Rs 16.11 crore in the Q3FY24, compared to a net profit of Rs 9.82 crore in the year-ago period. The company reported a 64 per cent rise in the operating profit at Rs 23 crore.

After the announcement of Q3 results, shares of Sigachi rallied 17.35 per cent to Rs 86.69 on Saturday, hitting its new 52-week high.

Sigachi's consolidated revenue from operations grew 61.47 per cent YoY to Rs 110.95 crore in Q3 FY 24, against revenue from operations at Rs 68.85 crore in the corresponding period a year ago. Its operating profit margins came in at around 20 per cent during this period.

The stock has surged more than 65 per cent in the last month, while it is up 175 per cent in the last six months and about 150 per cent in the last one year.

Incorporated in 1989, Sigachi is engaged in the manufacturing of microcrystalline cellulose (MCC), used as an excipient for dosages in the pharma, food, nutraceuticals, and cosmetic industry. Shares of Sigachi Industries traded ex-split in October 2023, when the company divided its shares in a 1:10 ratio.