ALSO READHold back price hikes till GST roll out: Adhia tells India Inc 'Cos should work on sale strategy,IT backbone for GST rollout' Revenue Secretary dispels seven 'myths' about GST Not ruling out rationalisation of GST rates: Revenue Secretary States may gain Rs 350-450 bn in revenue post GST: StanChart
Drug firm Alkem Laboratories today reported a 73.78 per cent dip in consolidated net profit to Rs 63.78 crore for the first quarter ended June, mainly on account of destocking due to GST.
The company had posted a net profit of Rs 243.30 crore for the corresponding period of previous fiscal, Alkem Laboratories said in a BSE filing.
Consolidated revenue from operations of the company stood at Rs 1,295.24 crore for the quarter under consideration as against Rs 1,480.83 crore for the same period year ago.
For the India business, year-on-year growth during the quarter was impacted by sharp drop in inventory levels as stockist and other trade partners prepared themselves for the GST roll-out.
"First quarter of FY18 has been a below par quarter, not only for the company but for the entire Indian pharmaceutical market as the stockist and other trade partners operated at a significantly lower inventory levels in the run up to the GST roll-out on July 1, 2017," Alkem Laboratories CEO Prabhat Agrawal said.
Shares of Alkem Laboratories ended 0.74 per cent down at Rs 1,706.60 on BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)