Alembic Pharmaceuticals today reported a 58.46 per cent dip in its consolidated net profit to Rs 119.83 crore for the second quarter ended September 30, 2016, mainly on account of decline in exports.
The company had posted a net profit of Rs 288.51 crore for the corresponding period of the previous fiscal.
The consolidated total income from operations also declined to Rs 879.42 crore for the quarter under consideration as against Rs 1,018.07 crore for the same period year ago, , Alembic Pharmaceuticals said in a BSE filing.
The previous period figures included revenues and profits from a new product launch in the US market, which had limited competition last year, the company said.
Commenting on the results, Alembic Pharmaceuticals' MD Pranav Amin said: "Our base business in the US market is doing well."
Shares of Alembic Pharmaceuticals were trading 1.21 per cent down at Rs 670.95 on BSE.
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