FDC Limited , a prominent pharmaceutical company, has announced its unaudited financial results for the first quarter ended June 30, 2023, along with several key corporate decisions that are set to impact its shareholders and organizational structure.

Strong Financial Performance

The company reported robust standalone financial results for Q1 FY2024:

These figures demonstrate FDC Limited's solid performance in the pharmaceutical sector during the quarter.

Share Buyback Announcement

In a move that's likely to be welcomed by shareholders, FDC Limited's board has approved a share buyback program:

• Number of shares to be repurchased: 31 lakh equity shares
• Buyback price: Rs. 500 per share
• Total buyback value: Rs. 155 crores
• Percentage of paid-up capital: 1.87%

The record date for the buyback has been set for August 25, 2023. This initiative underscores the company's confidence in its financial position and its commitment to enhancing shareholder value.

Leadership Continuity

The board has also approved the reappointment of three key directors, ensuring leadership stability:

1. Ms. Nomita R. Chandavarkar - Reappointed as Non-Executive Non-Independent Director
2. Mr. Mohan A. Chandavarkar - Reappointed as Managing Director
3. Mr. Nandan M. Chandavarkar - Reappointed as Joint Managing Director

All reappointments are for a five-year term, subject to shareholder approval at the upcoming general meeting.

Strategic Subsidiary Acquisition

In a strategic move to consolidate its international operations, FDC Limited has approved the acquisition of an additional 7% stake in its subsidiary, Fair Deal Corporation Pharmaceutical SA. This acquisition will transform the subsidiary into a wholly-owned entity of FDC Limited, potentially streamlining operations and enhancing control over its international business.

These developments collectively paint a picture of a company that is financially strong, focused on shareholder returns, committed to leadership continuity, and strategically expanding its global footprint.

FDC Limited , a prominent player in the pharmaceutical industry, has announced strong financial results for the first quarter, demonstrating significant growth in both revenue and profitability.

Financial Highlights

The company's unaudited financial results for the quarter reveal impressive performance on both standalone and consolidated bases:

FDC Limited's standalone revenue from operations stood at Rs. 642.28 crore, while the consolidated revenue reached Rs. 648.41 crore. The company's profitability showed remarkable growth, with standalone net profit after tax at Rs. 122.20 crore and consolidated net profit at Rs. 121.35 crore.

Year-on-Year Growth

Comparing the results to the same quarter of the previous year, FDC Limited has shown substantial growth:

• Standalone revenue increased by 2.9% from Rs. 624.14 crore to Rs. 642.28 crore.
• Standalone net profit grew by 6.3% from Rs. 114.97 crore to Rs. 122.20 crore.
• Consolidated net profit saw a significant rise of 33% from Rs. 119.04 crore to Rs. 121.35 crore.

Operational Performance

The company's strong financial results can be attributed to its robust performance in the pharmaceuticals segment, which remains its sole area of operation. FDC Limited's focus on this sector has continued to yield positive outcomes, as reflected in the growth of both revenue and profitability.

Executive Director Reappointment

In addition to the financial results, the Board of Directors has approved the reappointment of Mr. Ashok A. Chandavarkar as Executive Director for a five-year term, from March 1, 2026, to February 28, 2031, subject to shareholder approval at the upcoming Annual General Meeting.

Mr. Chandavarkar, who joined FDC in 1987 and became Executive Director in 1996, brings over 38 years of pharmaceutical industry experience to his role. He holds a Bachelor of Engineering (Mechanical) degree and has been instrumental in the company's growth over the years.

Conclusion

FDC Limited's quarterly results demonstrate the company's ability to maintain growth and profitability in the pharmaceutical sector. With a solid financial foundation and experienced leadership, the company appears well-positioned to continue its growth trajectory in the coming quarters.

Investors and stakeholders will likely be watching closely to see if FDC Limited can sustain this performance throughout the fiscal year.