Alembic Pharmaceuticals shares gained 2.41 per cent on Thursday after it announced 27 per cent rise in its annual profit.

The Vadodara-based drug maker said it net profit jumped from Rs 130.14 crore in the fiscal year ended March 31, 2012, to Rs 165.25 crore in the year ended on March 31, 2013.

Full fiscal year operating income increased 15 per cent; while fourth quarter operating income climbed a whopping 115 per cent year-on-year, from Rs 20.31 crore to Rs 43.65 crore.

The company enjoyed a strong growth in its domestic business. Its full fiscal year domestic formulation and active pharmaceutical ingredient businesses grew 13 per cent and 21 per cent, respectively. Even in the fourth quarter, these businesses grew 12 per cent and 30 per cent, respectively.

R K Baheti, director and president (finance) at Alembic, said, "We are shifting to high margin formulation and bulk drug business. It our transition phase."

In the after-hours trading, stock in Alembic Pharmaceuticals jumped to as high as Rs 122 a share at the Bombay Stock Exchange (BSE). A total of 298,750 Alembic shares exchanged hands at the BSE.