Ipca Labs Q2 net up 47% to Rs 94 cr

Ipca Laboratories today reported a rise of 47.16 per cent in net profit at Rs 94.01 crore for the quarter ended September 30, 2010, driven by strong formulations business.

The company had posted a net profit of Rs 63.88 crore in the corresponding period last fiscal, Ipca Laboratories said in a filing to the Bombay Stock Exchange (BSE).

The company has also declared an interim dividend of Re 1 per share for the ongoing fiscal.

Total income of the company during the second quarter this fiscal was at Rs 519.04 crore as against Rs 430.79 crore during the same period last year, an increase of 20 per cent.

The company said its total revenues from formulations business were Rs 397.04 crore in Q2 this fiscal as against Rs 309.24 crore during the corresponding period last year.

However, revenues from active pharmaceutical ingredients (APIs) declined to Rs 117.26 crore during this quarter from Rs 119.55 crore during the same period last year.

For six months period ended September 30, this year net profit rose to Rs 132.85 crore as against Rs 113.65 crore for the same period last fiscal, it said.

The company's total income for the six month period ending September 30, 2010 was Rs 937.60 crore as against Rs 793.84 crore for the same period last year.

Shares of Ipca Laboratories today closed at Rs 298.05 on the BSE, down 0.12 per cent from its previous close.