Moneycontrol Bureau
Pharma company Ipca Laboratories disappointed analysts with its third quarter earnings on Monday. Profit declined 44 percent year-on-year to Rs 23.18 crore and revenue slipped 7.6 percent to Rs 684.11 crore during the quarter, hit by exports.
Exports fell 19 percent to Rs 338.07 crore on yearly basis, impacted by formulation business that was down 27 percent but APIs (active pharmaceutical ingredients) exports increased 3 percent, the Mumbai-based healthcare company in its filing.
Revenue from domestic formulations segment increased 11 percent year-on-year to Rs 308.4 crore in Q3 but APIs business declined 25 percent to Rs 27.82 crore in same period.Ipca Labs said it has written off Rs 24.47 crore worth of materials on account of regulatory issues.
Operating profit (earnings before interest, tax, depreciation and amortisation) in October-December period dropped 26 percent to Rs 89.25 crore and margin contracted by 331 basis points to 13.05 percent compared to corresponding quarter of last fiscal despite fall in raw material (down 8.4 percent) and other expenses (down 8 percent).
For nine months period, profit plunged 78 percent to Rs 53.76 crore and revenue tanked 10.8 percent to Rs 2,191.3 crore year-on-year.
At 13:13 hours IST, the scrip of Ipca Laboratories was quoting at Rs 622.15, up Rs 2.85, or 0.46 percent on the BSE.
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