Alembic net plummets 95% to Rs 2 cr

Pharma company Alembic today reported a 95.04 per cent decline in net profit at Rs 2.08 crore in the third quarter ended December 31, 2008, on account of higher material cost.

The company had a net profit of Rs 42.02 crore in the December quarter of FY08, Alembic said in a BSE filing.

"Profit for the quarter got adversely affected on account of higher material cost and lower Penicillin-G realisations for Active Pharmaceutical Ingredients (API) business," the filing added.

Total income rose to Rs 283.73 crore in the quarter under review from Rs 262.80 crore in the same period last fiscal.

 

Alembic closed at Rs 31.20, down 0.32 per cent on the BSE.