Vadodara-based Alembic Pharmaceuticals Limited reported a 9.1% growth in net profit for the quarter ended December 31, at Rs 48.27 crore, as against Rs 44.23 crore in the corresponding quarter last fiscal mainly on the back of a 15% growth in its domestic formulations business.
The company posted total revenue of Rs 372.05 crore for the quarter, a drop of 2.81% compared to Rs 382.82 crore in the corresponding quarter last year. The profit before tax, however, grew by 12.2% to Rs 60.09 crore for the quarter under review.
"The drop is revenue is primarily because our domestic API business has not done well. However, the business we lost in API was not high-margin business, and hence has not impacted our profitability," explained R K Baheti, director, finance, Alembic Pharmaceuticals.
The domestic formulations business posted sales of Rs 227.64 crore against Rs 198.78 crore with a 15% growth over the corresponding quarter of the previous year. Alembic maintained market share of 1.76%, a company release claimed.
One of its top brands Azithral was ranked 25th and Alembic has three other brands in the list of top 300 brands of industry including Althrocin, Roxid, and Wikoryl. Chronic and acute segments grew by 23% and 4% respectively in current year. The company also launched a dermatology division in current year
For the quarter, domestic active pharmaceutical ingredients (API) sales were Rs 25 crore against Rs 18.73 crore while exports of API stood at Rs 42 crore against Rs 89.90 crore last year.
International generic formulation sales was at Rs 61.05 crore against Rs 58.45 crore over the corresponding quarter last year.
During the quarter six ANDAs (abbreviated new drug application) were filed taking cumulative ANDA and NDA filings of the company to 55. Cumulative ANDA approvals now stands at 21.
