Latest News | Alembic Pharma Q1 Net Profit Declines 45 Pc to Rs 165 Cr

New Delhi, Jul 26 (PTI) Drug firm Alembic Pharmaceuticals on Monday reported a 45.42 percent decline in its consolidated net profit to Rs 164.52 crore for the quarter ended June 30, 2021.

The company had posted a net profit of Rs 301.46 crore for the corresponding period of the previous fiscal, Alembic Pharmaceuticals said in a regulatory filing.

Consolidated revenue from operations stood at Rs 1,326 crore for the quarter under consideration. It was Rs 1,341 crore for the same period a year ago, it added.

The total expenses incurred by the company for the quarter ended June 30, 2021, stood at Rs 1,145.37 crore. It was Rs 982.13 crore for the year-ago period, the filing said.

"The India business grew exceptionally well and outpaced the industry, we hope to see this momentum continuing due to the initiatives undertaken recently. The US businesses faced price erosion due to increased competition. However, our long-term view of the US market remains intact," Alembic Pharmaceuticals Managing Director Pranav Amin said.

US generics business de-grew 38 percent to Rs 369 crore in the quarter ended June 30, 2021. It was Rs 596 crore for the corresponding period a year ago, Alembic Pharma said.

The India branded business for the quarter under consideration grew by 57 percent to Rs 481 crore. It was Rs 306 crore for the same period of the previous fiscal, it added.

API business grew 6 percent to Rs 279 crore in the quarter, the filing said.

Shares of Alembic Pharmaceuticals Ltd closed at Rs 910.75 per scrip on BSE, down 3.79 percent from its previous close.

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