Promoters of Lincoln Pharma increases holding by 4.9%

The promoter holding in the company has increased to 37.25%, a rise of 4.9% from 32.35% as of 31 March 2020

The promoter group of Lincoln Pharmaceuticals Limited, one of India's leading healthcare companies, has increased its holding by 4.9%.   

During the FY 2020-21, the promoter group bought 9.8 lakh shares from the secondary market at an average price of Rs. 225.6 per share. With this, promoter holding in the company has increased to 37.25%, a rise of 4.9% from 32.35% as of 31st March, 2020. Rating agency ICRA has recently upgraded the company's long-term and short-term bank facilities to A and A1 respectively. 

"We are committed and plan to gradually up the promoter holding ideally to a majority mark over the next 3-5 years. Our company is growing from strength to strength and delivering robust operational and financial performance while maintaining healthy growth in revenue, margins and profitability and expects to continue the growth momentum in the coming years. Our strategic growth initiatives, product and geographical expansion, EU approval and operational efficiency are likely to maximise value for all stakeholders in the near to medium term. The recent upgrade by ICRA for the company's long-term and short-term ratings further testifies the strong foundation of the group," said Mahendra Patel, Managing Director, Lincoln Pharmaceuticals Limited. 

During FY20, the company has become a zero net-debt company and the company has received EU approval and plans to enter the EU markets very soon with its dermatology, gastro and pain management products. The company currently exports to more than 60 countries and plans to expand to 90 plus countries. 

For the nine months ended December 2020, the company has posted a net profit of Rs. 48.6 crore as against net profit of Rs. 40.3 crore, growth of 20.7%. Net revenue also grew by 10% Y-o-Y to Rs. 339.8 crore in nine months ended December 2020.