Drug firm Alkem Laboratories today reported a 73.78 per cent dip in consolidated net profit to Rs 63.78 crore for the first quarter ended June, mainly on account of destocking due to GST.
The company had posted a net profit of Rs 243.30 crore for the corresponding period of previous fiscal, Alkem Laboratories said in a BSE filing.
Consolidated revenue from operations of the company stood at Rs 1,295.24 crore for the quarter under consideration as against Rs 1,480.83 crore for the same period year ago.
"First quarter of FY18 has been a below par quarter, not only for the company but for the entire Indian pharmaceutical market as the stockist and other trade partners operated at a significantly lower inventory levels in the run up to the GST roll-out on July 1, 2017," Alkem Laboratories CEO Prabhat Agrawal said.
Shares of Alkem Laboratories ended 0.74 per cent down at Rs 1,706.60 on BSE.
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