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Alkem Labs board OKs closure of unit at manufacturing facility based in Himachal

Capital Market 

Alkem Laboratories said that its board has approved the closure of operations at Beta Block (Unit II) manufacturing facility located at Baddi, Solan District, Himachal Pradesh.

The Beta Block's turnover was Rs 43.25 crore, accounting for 0.60% of the total turnover of the company.

The company said that the Beta Block (Unit-II) manufacturing facility at Baddi mainly catered to domestic market for injections and was significantly underutilized.

To avoid operating expenditure in Baddi, it is decided to discontinue the manufacturing operations at this facility and the said unit will be used as a warehouse, it added.

Alkem is a pharmaceutical company with global operations. The company produces branded generics, generic drugs, active pharmaceutical ingredients (APIs) and nutraceuticals, which it markets in India and International markets.

The company's consolidated net profit rose 10.93% to Rs 468.12 crore on a 37.12% increase in net sales to Rs 2,731.36 crore in Q1 FY22 over Q1 FY21.

The scrip fell 1.23% to currently trade at Rs 3786.40 on the BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, September 20 2021. 12:11 IST