Alembic Ltd has suffered a setback during the second quarter ended September 2009 on account of significant fall in exports and unremunerative prices of Pen-G. The company's net profit declined by 12 per cent to Rs 13.29 crore from Rs 15.04 crore in the corresponding period of last year. Its net sales also declined by 19 per cent to Rs 285.99 crore from Rs 352.24 crore.
The company's exports moved down by 22.7 per cent to Rs 99 crore from Rs 128 crore. However, its formulation sales to regulated markets went up by 60 per cent to Rs 36 crore from Rs 23 crore on account of new product launches in US market. Alembic's domestic formulations sales for the second quarter declined to Rs 163 crore from Rs 193 crore, representing a fall of 15.6 per cent.
The company filed one ANDA and two DMFs during second quarter taking the cumulative total to 21 ANDAs and 34 DMFs. It launched three products in US market.
For the first half ended September 2009, the company's sales declined to Rs 578.48 crore from Rs 588.64 crore. However, its consolidated net profit during the first half moved up by 147 per cent to Rs 25.54 crore from Rs 10.34 crore in the similar period of last year. Its exports of formulation and APIs declined by 33 per cent and 16 per cent respectively to Rs 19.34 crore and Rs 31.94 crore.
The company has bought back 35.78 lakh equity shares at an average price of Rs 37.17 for a total consideration of Rs 13.30 crore, which is about 40.3 per cent of the total buy-back size of Rs 33 crore.