According to CNBC-TV18 sources, a promoter of pharmaceutical company Alkem Laboratories Ltd. is expected to sell a 0.7% stake in the company, equivalent to 850,000 shares, in block deals.

The reserve price for the sale has been set at ₹5,616 per share, representing a 3% discount to the current market price (CMP), according to several people familiar with the development.

Alkem Laboratories reported a nearly 90% jump in profits in the first quarter on the back of higher domestic sales. Profit for the quarter ended June 30 stood at ₹545.16 crore, up from ₹286.73 crore a year earlier. Operating income stood at ₹3,031.82 crore, up from ₹2,967.72 crore a year earlier.

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Earnings before interest, tax, depreciation and amortization (EBITDA) stood at ₹608.6 crore, representing an EBITDA margin of 20.1% as against 13.1% in the previous year. The company reported an EBITDA growth of 56.4% during the quarter.

The company generated revenue of Rs 2,022.3 million from the domestic market, growing at a year-on-year rate of 6.4%. The share of domestic sales in the company’s total revenue increased to 67.6% in the first quarter of FY 2025, compared to 65.2% in the previous year. International sales stood at Rs 967.7 million, down 4.6% year-on-year.

During the quarter, the Company launched one product in the U.S. and received three approvals from the U.S. FDA, including one preliminary approval.

“An important development during the quarter was the successful resolution of the US FDA Form 483 at the Baddi plant. At Alkem, we continue to place great emphasis on quality and regulatory compliance,” said CEO Vikas Gupta.

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Shares of Alkem Laboratories Ltd closed at ₹5,771.00 on the BSE, up ₹36.70 or 0.64%.