Hi-Tech Pharmacal Co Inc posted an almost six-fold jump in quarterly profit, boosted by strong generic sales, sending its shares up 19 percent in pre-market trade.
For the first quarter ended July 31, the company posted a net profit of $8.7 million, or 73 cents a share, compared with a net profit of $1.5 million, or 13 cents a share a year ago.
Net sales for the quarter almost tripled to $43.5 million.
Sales of the company's generic products in the quarter rose to $36.7 million, from $12.5 million a year ago, primarily due to recent product launches not included in the previous year.
Shares of the company rose to $20.50 in pre-market trade. They closed at $17.26 Tuesday on Nasdaq.
(Reporting by Shailesh Kuber in Bangalore; Editing by Himani Sarkar)