Shares of Zydus Lifesciences Ltd on Friday, 11 August, were trading in the red even after the company reported a two-fold rise in consolidated net profit for the April-June quarter.

In its quarterly report for the quarter ending on 30 June, the company reported a gigantic 109.7% increase in its net profit at Rs 1,086.9 crore from the Rs 518.30 crore reported in the corresponding quarter during the previous fiscal year.

The Revenue from Operations for the quarter under review was up 29.6% to Rs 5,139.6 crore, driven by solid sales growth from the US market, the revenue reported in the Q1 of the previous fiscal year at Rs 3,964.3 crore.

The revenue generated from the Indian market was Rs 1,920.6 crore for the June quarter from Rs 1,816.7 crore in the corresponding period a year ago.

Whereas the revenue generated from the US segment was up by 57.4% at Rs 2,454.1 crore from the Rs 1,559.2 crore recorded in the June quarter of the previous fiscal year.

The company’s active pharmaceutical ingredients reported a revenue of Rs 138.9 crore in Q1 against Rs 122.4 crore in Q1FY23.

Zydus Lifesciences Managing Director Sharvil Patel said the company witnessed robust operational growth in its key businesses, and a favourable product mix enhanced its profitability for the quarter under review.

He even added the strong execution and volume offtake have driven robust revenue growth in the US, wherein the India branded formulation business, adjusting for the NLEM (national list of essential medicines) impact, delivered solid 12% growth.

At 3:30 pm, the shares of Zydus Lifesciences closed at Rs 651 or 1.04% below its previous close of Rs 657.85 on NSE.