Alembic Ltd, a Rs 1000 crore plus Vadodara, Gujarat based pharmaceutical giant, has suffered setback during the first quarter ended June 2008 on account of foreign exchange loss. The company incurred a net loss of Rs 4.70 crore as against a net profit of Rs 17.04 crore in the corresponding period of last year. The company's net sales, however, went up sharply by 32.8 per cent to Rs 229.34 crore from Rs 172.73 crore.

Its exports went up to Rs 114.13 crore from Rs 38.93 crore, a strong growth of 193 per cent. This was triggered by growth in regulated markets which increased six fold to Rs 82.56 crore as against Rs 13.18 crore. Growth momentum was witnessed in both at the top line and bottom line levels. Contract manufacturing operations for an Innovator MNC during the quarter grossed sales of approx. US$10 million.

Its domestic sales declined by 12 per cent to Rs 122.27 crore from Rs 139.02 crore in the similar period of last year. The company carried out a major restructuring exercise in domestic formulations business to strengthen its existing business and well as enhance its focus on niche therapies. The objective of restructuring also included sales-force productivity.

The company incurred foreign exchange loss of Rs 10.49 crore during the first quarter of 2008-09 as against Rs for foreign exchange gain of Rs 1.68 crore. Further, there was no income from NDDS outsourcing in June quarter of current year as against income of Rs 8.10 crore in the same period of last year.