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Alembic Pharmaceuticals on Tuesday reported a 1.44 per cent increase in consolidated net profit at Rs 121.56 crore for the second quarter ended September 30, mainly on account of decline in total income. The company had posted a net profit of Rs 119.83 crore in the corresponding period of the previous fiscal. Total income declined by 9.44 per cent to Rs 796.96 crore for the quarter under review against Rs 880.05 crore in the same period a year ago, Alembic Pharmaceuticals said in a BSE filing. Alembic Pharmaceuticals MD Pranav Amin said: "The US formulations business continues to face price erosion on some key products, however, the India branded business is showing signs of recovery". During the quarter, the company's international formulations business revenue fell 25.56 per cent to Rs 262 crore while US formulations business revenue fell 29.36 per cent to Rs 190 crore. Alembic Pharmaceuticals said its India formulations business grew 6 per cent to Rs 385 crore. Shares of Alembic Pharmaceuticals Ltd were trading 0.59 per cent higher at Rs 515.50 on BSE.