Ipca Laboratories, a Rs.2,825 crore plus Mumbai based pharma major, has posted strong growth in net profit during the first quarter ended June 2016 and its net profit moved up by 127.4 per cent to Rs.47.57 crore from Rs.20.92 crore in the similar period of last year. Its net sales increased by 9.7 per cent to Rs.821.53 crore from Rs.749.08 crore. With sharp improvement in profits, its EPS worked out to Rs.3.77 as against Rs.1.66 in the last period.
After announcement of financial results, Ipca scrip moved up by Rs.21.70 to Rs.524 on BSE. The scrip touched to its yearly highest level at Rs.888 in August 2015 and lowest at Rs.402 on June 6, 2016.
The formulations sales increased by 15 per cent to Rs.620.01 crore from Rs.540.72 crore. However, its APIs sales declined by 3 per cent to Rs.201.52 crore from Rs.208.36 crore. Its exports increased by 16.9 per cent to Rs.441.23 crore from Rs.377.59 crore. Its formulations exports increased by 22 per cent to Rs.274.80 crore and APIs exports by 9 per cent to Rs.166.43 crore.
Domestic formulations sales improved by 9 per cent to Rs.345.21 crore from Rs.315.53 crore. However, the sales of APIs in domestic market declined by 37 per cent to Rs.35.09 crore.