Neuland Laboratories has posted a profit of ₹21.3 crore for the quarter ended September 30, 2020, as against ₹8.6 crore for the corresponding quarter, registering a growth of 149 per cent.

The company posted revenues of ₹242 crore for the second quarter, up 29.6 per cent from ₹186.8 crore for the corresponding quarter of last fiscal.

The Hyderabad-based pharmaceutical manufacturer provides active pharmaceutical ingredients (APIs), complex intermediates and custom manufacturing solutions (CMS) services to customers located in around 80 countries.

Sucheth Davuluri, Vice-Chairman and Chief Executive Officer of the company, in a regulatory filing said: “We are pleased to report a record quarterly revenue of ₹242 crore. The revenue growth of 29.6 per cent was powered by both the prime and CMS verticals. We believe this sets us up firmly on the growth path for the rest of this year while providing a strong base for the next fiscal as well. The Unit III has commenced revenue generation, which will act as a further tailwind going forward.”

Saharsh Davuluri, Vice-Chairman and Managing Director, Neuland Labs, added: “The CMS business is continuing to drive growth with good performance from the baseline projects. We are seeing our efforts over the years pay off as more molecules are progressing in the pipeline towards commercialisation. Our focus will continue to be on adding products in both GDS (generic drug substances) and CMS that will drive long term growth.”