Claris Lifesciences shares hit 52-week high on strong financial performance in the fourth quarter of calendar year 2014.
The company's consolidated net profit for the quarter jumped 340 per cent on year-on-year basis to Rs 90 crore from Rs 20.4 crore reported in the same quarter a year ago.
Consolidated net income for the quarter increased by 17 per cent to Rs 209 crore from Rs 179 crore.
Claris shares hit 52-week high of Rs 293 during the opening trade on the Bombay Stock Exchange. The 52-week low was recorded at Rs 141.25 on June 2, 2014. Claris shares have surged by over 30 per cent in the past three trading sessions.
However, the company maintained that a sharp jump in net profit in the fourth quarter was due to inclusion of a one-time reversal of differed tax liability of Rs 51.8 crore due to slump sale to Claris Injectables.
For the financial year CY 2014, the company's net profit jumped 65 per cent to Rs 139 crore from Rs 84.4 crore last year. Net income for the year stood at Rs 714 crore against Rs 711 crore last year. Also, the profit margins improved to 43 per cent for the quarter and 19 per cent for the financial year.
Claris Lifesciences mentioned that on October 31, 2014, the Speciality Injectable Business was transferred to a wholly owned subsidiary, Claris Injectables Ltd (CIL).
As a result, Claris Lifesciences now has three segments, (i) 100 per cent ownership of CIL (ii) 20 per cent stake in Claris Otsuka Pvt Ltd (JV company) and (iii) investments and cash management of CLL, it said.
Claris Otsuka Pvt Ltd (Claris Otsuka) is a joint venture between Claris Lifesciences Ltd, India, Otsuka Pharmaceutical Factory, Inc., Japan and Mitsui & Co. Ltd., Japan, for Claris' Infusion Business in India and Emerging Markets.