Alembic Pharma extends decline on mixed December quarter results

Motilal Oswal Securities said Alembic Pharma missed Q3FY21 earnings estimate, weighed by lower-than-expected sales in the US

Shares of Alembic Pharmaceuticals dipped 3 per cent to Rs 998 on the BSE in early morning trade on Wednesday, down 7 per cent in past two days, after the company reported a mixed bag of December quarter (Q3FY21) results.

The company’s consolidated revenues grew 8.7 per cent year-on-year (YoY) to Rs 1,314 crore on the back of strong growth in domestic, ROW formulations and API segment. However, US sales growth remained muted, down 0.6 per cent YoY at Rs 512 crore due to competition in Sartans.

The consolidated net profit jumped 25 per cent YoY to Rs 293 crore.