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| Alembic Q1 profit down 6% to Rs 11.48 crore |
| BS Reporter / Mumbai/ Ahmedabad Jul 31, 2010, 00:53 IST |
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Vadodara-based pharma player Alembic reported a net profit of Rs 11.48 crore, down 6.28 per cent from Rs 12.25 crore in the comparable period last fiscal primarily on the back of reduced API exports and sales.
Net sales for the quarter ended June 30 stood at Rs 283 crores, down by 3 per cent compared to Rs 292 crore in corresponding quarter previous year.
International generics sales to the regulated markets grew by 44 per cent to Rs 26.97 crore from Rs 18.73 crore over corresponding quarter last year.
Active Pharmaceutical Ingredients (API) exports were at Rs 64.96 crores against Rs 104.07 crore in the same quarter last fiscal. The company said in a statement that the dip is on account lower order from an important customer. Domestic API sales increased 76 per cent to Rs 37.17 crore against Rs 21.08 crore. Domestic formulations business posted sales of Rs145 crore against Rs137 crore registering 5 per cent growth over the corresponding quarter of the previous year.
Alembic till date has 31 ANDA and 39 DMF filings with the USFDA.
Alembic's board has approved the demerger of its core pharma business into a 100 per cent subsidiary called Alembic Pharma Ltd, and also reorganisaion of its Vadodara undertaking last month. Post demerger, which is subject to approval from shareholders, stock exchanges, other authorities and the Gujarat High Court, Alembic Pharma will be listed on the bourses.
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