Alembic Pharma Q1 net profit declines to Rs 165 cr

Drug firm Alembic Pharmaceuticals has reported a 45.42 percent decline in its consolidated net profit to Rs 164.52 crores for the quarter ended 30th June, 2021.

The company had posted a net profit of Rs 301.46 crore for the corresponding period of the previous fiscal, Alembic Pharmaceuticals said in a regulatory filing.

Consolidated revenue from operations stood at Rs 1,326 crores for the quarter under consideration. It was Rs 1,341 crores for the same period a year ago, it added.

The total expenses incurred by the company for the quarter ended 30th June, 2021, stood at Rs 1,145.37 crores. It was Rs 982.13 crores for the year-ago period, the filing said.

“The India business grew exceptionally well and outpaced the industry, we hope to see this momentum continuing due to the initiatives undertaken recently. The US businesses faced price erosion due to increased competition. However, our long-term view of the US market remains intact,” Pranav Amin, Managing Director, Alembic Pharmaceuticals, said.

The US generics business de-grew 38 per cent to Rs 369 crores in the quarter ended 30th June, 2021. It was Rs 596 crores for the corresponding period a year ago, Alembic Pharma said.

The India branded business for the quarter under consideration grew by 57 per cent to Rs 481 crores. It was Rs 306 crores for the same period of the previous fiscal, it added.

API business grew six per cent to Rs 279 crores in the quarter, the filing said.