Ipca Labs second quarter net profit declines 6% to Rs 250 crore

The board declared an interim dividend of Rs 8 per share

Drug firm Ipca Laboratories on Saturday reported a 6.30 per cent decline in its consolidated net profit to Rs 250.23 crore for the second quarter ended September 30.

The company had posted a net profit of Rs 267.07 crore for the corresponding period of the previous fiscal, Ipca Laboratories said in a regulatory filing.

Consolidated revenue from operations stood at Rs 1,544.43 crore for the quarter under consideration. It was Rs 1,361.10 crore for the same period a year ago, it added.

The board has declared an interim dividend of Rs 8 per share, the filing said.

The board has "approved subdivision of every 1 equity share of the nominal/face value of Rs 2/ each into 2 equity shares of the nominal/face value of Re 1/- each, subject to the approval of the shareholders at the extraordinary general meeting scheduled to be held on December 16, 2021," it added.

The rationale behind the split is to improve the liquidity of the company's share and to make it more affordable for small investors so as to broad base the small investors base, it added.