Ipca Laboratories surges over 10% intraday

The stock hit a high of Rs 692, bouncing back 13% from early morning low of Rs 610 touched on the NSE.

Shares of Ipca Laboratories were trading higher by 3% to Rs 674, erasing entire its early morning losses post January-March (Q4) earnings. The stock hit a high of Rs 692, bouncing back 13% from early morning low on the NSE.

The stock dipped 7% to Rs 610 after reporting a sharp 94% year on year (YoY) decline in standalone net profit at Rs 7.79 crore for the fourth quarter ended March 31, 2015 (Q4FY15), due to lower sales. The pharmaceutical company had profit of Rs 137 crore in the year ago quarter.

Net sales of the company declined 16% YoY to Rs 623 crore in March quarter against Rs 744 crore in the corresponding quarter of previous year.

EBIDTA margin stood at 5.36% in Q4FY15 as against 24.32% in Q4FY14.

The income and profitability of the company was impacted in Q4 as well as FY15 due to US  Food and Drug Administration (USFDA) import alert on three manufacturing sites; lower anti-material institutional business and significant currency fluctuations in the emerging markets where the company markets its branded formulations, Ipca Laboratories said.

Till 1256 hours, a combined 741,607 shares changed hands on the counter on the NSE and BSE.