New Delhi, Feb 9 (PTI) Zydus Lifesciences on Friday said its consolidated net profit increased by 27 per cent to Rs 790 crore in the third quarter ended December 31, 2023.

The drugmaker had reported a net profit of Rs 623 crore in the October-December period a year ago.

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Revenue increased to Rs 4,505 crore in the third quarter from Rs 4,257 crore in the year-ago period, Zydus Lifesciences said in a statement.

The company said its board has approved a proposal to buy back shares of up to Rs 600 crore.

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"We are pleased with our Q3 FY24 performance, particularly with a strong recovery in the domestic formulations business and a resilient US base business," Zydus Lifesciences Managing Director Sharvil Patel said.

He further said: "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."

The company remains on track to end the fiscal year 2024 with a healthy double-digit revenue growth, Patel added.

Zydus shares on Friday settled 0.47 per cent up at Rs 805.60 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)