Zydus Life shares surge 6% on strong Q3 earnings, buyback announcement

Zydus Life’s board has approved a buyback of Rs 600 crore or 57.9 lakh shares at Rs 1,005 along with its Q3 earnings.

Shares of Zydus Lifesciences surged over 6% in trade today after the company posted a strong set of Q3 earnings. The company posted a 26% growth in its net profit at Rs 789.6 crore for the October- December quarter of FY24. Zydus Life shares hit an high of Rs 855 in the morning trade, which is also the stock’s fresh 52-week high. As of 10:07 AM, shares of Zydus Life were up 6.04% at Rs 853.70 on the NSE. 

Zydus Life stock has been a wealth creator for investors surging 23% in this year itself and up close to 80% in the last one year. 

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Zydus Life’s board has also approved a buyback of Rs 600 crore or 57.9 lakh shares at Rs 1,005 along with its Q3 earnings. The company’s operating income was up by 0.83% QoQ and increased by 14.54% YoY. Its EBITDA came in at Rs 1,102 crore against Rs 956 in the year-ago period. Company’s Q3 EBITDA margin stood at 24.4% versus 22.5% in Q3FY23.

We are optimistic about our growth prospects driven by a differentiated portfolio in the US, continued performance of key brands, well supported by a robust execution engine,” said Dr. Sharvil Patel, MD of Zydus Lifesciences.