Shares of Neuland Laboratories surged 18% to hit an all-time high of Rs 3,040.25 in intraday trade on Monday. Shares of the pharmaceutical company have jumped 44% in the past three days after it reported strong March quarter results (Q4FY23), with profit after tax (PAT) more than doubling to Rs 84.5 crore.

It was quoted 15% higher at Rs 2,980 at 1:17 pm, while the S&P BSE Sensex gained 0.70%. Since February 2, 2023, shares of Neuland Labs have more than doubled or gained 116% from Rs 1,409.75 levels.

Meanwhile, total revenue rose 61.8% YoY to Rs 4,151 crore, led by growth in the speciality and custom manufacturing solutions (CMS) segment. Beyond that, the company reported an Ebitda margin of 30.8%, up 1,550 basis points year-over-year, thanks to a better business mix and operating leverage.

Neuland Laboratories is a pharmaceutical manufacturer serving active pharmaceutical ingredients (APIs), complex intermediates and custom manufacturing solutions to customers in 80 countries.

Management said the company delivered significant growth during the year, executing multiple CMS projects and contributing close to half its fourth-quarter revenue.

Moving forward, management expects this momentum to continue as new clients increasingly accept Neuland as an established CDMO.