Cadila Healthcare share price rises over 4% on EIR from USFDA

Cadila Healthcare share price rose in early trade today after the firm received an EIR from USFDA. Share price of Cadila Healthcare gained up to 4.24% to Rs 352.4 compared to the previous close of Rs 338.05 on BSE.

Cadila Healthcare share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has gained 8.74% in last three days.

However, Cadila Healthcare share price has gained 30.86% during the last one year and 35.72% since the beginning of this year. 2.06 lakh shares changed hands amounting to turnover of Rs 7.18 crore on BSE. Market cap of pharma firm rose to Rs 35,380 crore.

The firm said its formulations manufacturing facility located at Baddi, India has received an establishment inspection report (EIR) which stated that the classification of the facility is 'No Action Indicated (NAI)'. USFDA conducted an inspection at the facility from 2 to 9 March, 2020. The audit had ended with nil observations and FDA has concluded that this inspection is 'closed' under 21 CFR 20.64(d)(3).

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Drug firm Cadila Healthcare reported a 249% rise in Q3 net profit at Rs 373.9 crore compared to Rs 82.90 crore profit in Q2 of current fiscal.

However on an year-on-year basis,  consolidated net profit fell 26.78% in Q3 on account of rise in expenses.

The company had posted a net profit of Rs 510.7 crore for the corresponding period of the previous fiscal.

Revenue from operations stood at Rs 3,638.1 crore for the quarter under review as compared with Rs 3,577.9 crore in the year-ago period.