Moneycontrol Bureau
Ipca Laboratories' third quarter net profit plunged 70.2 percent year-on-year to Rs 41.5 crore dented by lower exports and operating income.
"Exports income during the quarter declined 22 percent to Rs 418.45 crore while domestic formulations business grew 13 percent to Rs 278.67 crore on yearly basis," said the company in its filing.
Total income of the drug maker went down 11.1 percent to Rs 740.6 crore during October-December quarter from Rs 833 crore in the year-ago period.
Domestic active pharmaceutical ingredients (APIs) declined 12 percent year-on-year to Rs 37.01 crore and exports (APIs) fell 22 percent to Rs 113.36 crore in quarter gone by.
Operating profit in Q3 tanked 44 percent to Rs 121.14 crore and margin dropped 973 basis points to 16.36 percent compared to corresponding quarter of last fiscal.
The pharma company also reported a forex loss of Rs 11.15 crore during the quarter against Rs 2.42 crore in same quarter last year.
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