Forex loss drags Cadila Healthcare Q3 net down 8% YoY

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Forex loss drags Cadila Healthcare Q3 net down 8% YoY

Pharma major Cadila Healthcare's consolidated net profit for the third quarter declined 8% from a year ago, hurt by forex losses due to the sharp rupee depreciation in October-December.

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Moneycontrol Bureau

Pharma major Cadila Healthcare 's consolidated net profit for the third quarter declined 8% from a year ago to Rs 149.21 crore, hurt by forex losses due to the sharp rupee depreciation in October-December.

The company's net sales for the three-month period were up 19% from a year ago at Rs 1,352 crore, it said on Monday.

The shares fell post the results and at 13:30 hrs, were trading down 2.5% at Rs 657.25 on NSE.

Cadila said its net profit excluding the impact of foreign exchange fluctuation loss was up 7% at Rs 177 crore in the third quarter.

The company's India formulations business grew 18% during the quarter. It launched 15 new products, of which 7 were the first in India, it said. Cadila had acquired Mumbai-based pharma company Biochem during the quarter.

The company's US arm reported 45% growth, helped by increased sales of its own products and the acquisition of Nesher Pharma in June last year. Cadila's Japan sales rose 44% in the third quarter.

Cadila filed 5 abbreviated new drug applications (ANDA) in Oct-Dec, and it now has 141 ANDA filings, it said.