Alembic Pharmaceuticals has suffered a setback during the second quarter ended September 2016 due to lower sales in international market and its consolidated net profit declined by 58.5 per cent to Rs.120 crore from Rs.289 crore in the corresponding period of last year. Its net sales also declined by 13.6 per cent to Rs.879 crore from Rs.1,017 crore. EPS declined to Rs.6.36 from Rs.15.30.
Pranav Amin, managing director, said “Our base business in the US market is doing well. We will continue to invest in R&D for the future growth and have spent Rs.115 crore in the quarter on R&D, which is up from Rs.78 crore.”
Its international formulation sales declined sharply by 38.4 per cent to Rs.352 crore from Rs.571 crore. The company received two ANDA approvals and its cumulative ANDA approvals reached at 49. It filed 4 ANDA applications and its cumulative filing reached at 82 ANDAs.
Its domestics formulation sales increased by 19 per cent to Rs.338 crore from Rs.284 crore and acute segment grew by 22 per cent and specialty segment grew by 16 per cent. API sales improved to Rs.164 crore from Rs.137 crore.
For the first half ended September 2016, Alembic's net sales remained flat at Rs.1,615 crore. Its net profit declined by 37.9 per cent to Rs.223.57 crore from Rs.260.23 crore. The International formulation sales declined to Rs.660 crore from Rs.750 crore. However, its domestic formulation sales improved to Rs.616 crore from Rs.546 crore. Indian generic sales declined to Rs.46 crore from Rs.54 crore.