Ipca Laboratories, a Rs.3,050 crore plus Mumbai based pharma major, has suffered heavy setback during the second quarter ended September 2015 due to lower exports and higher forex loss. Its standalone net profit declined by 80.9 per cent to Rs.11.69 crore from Rs.61.30 crore in the corresponding period of last year. Its EBIDTA also declined by 34.2 per cent to Rs.94.43 crore from Rs.143.48 crore.
With poor overall performance, Ipca scrip declined by Rs.10 in the afternoon session on BSE to Rs.774.15.
Its standalone net sales also declined by 4.6 per cent to Rs.739 crore from Rs.775 crore. Export income declined by 7 per cent to Rs.375 crore from Rs.402 crore. Its domestic sales of formulations improved marginally by 0.9 per cent to Rs.330.75 crore and formulation exports declined sharply by 26 per cent to Rs.227 crore. Further, domestics sales of APIs declined by 25 per cent to Rs.33.24 crore. However, exports of APIs went up by 53 per cent to Rs.147.16 crore from Rs.96.22 crore.
For the first half ended September 2015, Ipca's standalone net sales declined by 12.5 per cent to Rs.1,490 crore from Rs.1,703 crore in the same period of last year. Its net profit went down sharply by 84.6 per cent to Rs.30.58 crore from Rs.198.04 crore. With lower net profit, EPS declined to Rs.2.42 from Rs.15.69. Its formulation exports declined sharply by 35 per cent to Rs.452 crore from Rs.694 crore. However, domestic sales of formulation improved by 4 per cent to Rs.648 crore from Rs.621 crore. APIs sales remained flat at Rs.388 crore, of which its exports worked out to Rs.299.30 crore as against Rs.279.36 crore. Domestic API sales declined by 18 per cent to Rs.89.20 crore from Rs.109 crore.