Ipca Laboratories, a Rs. 2,300 crore pharma major from Mumbai, has suffered a setback during the first quarter ended June 2012 mainly due to forex loss. Its net profit declined by 30.3 per cent to Rs. 42.98 crore from Rs. 61.67 crore in the corresponding period of last year as it incurred a foreign exchange loss of Rs. 58.85 crore as against gain of Rs. 9.10 crore. Its net sales improved by 19.7 per cent to Rs. 630.25 crore from Rs. 526.33 crore. The company's first quarter ended June 2012 performance included performance of amalgamated company Tonira Pharma. Thus the figures are not strictly comparable.

Ipca's exports moved up by 24 per cent to Rs. 366.73 crore during first quarter from Rs. 296.66 crore in the similar period of last year. Total revenue from formulations business increased by 13 per cent to Rs. 448.69 crore from Rs. 395.55 crore. Its domestic branded formulation sales reached at Rs. 224.18 crore from Rs. 188.97 crore, a growth of 19 per cent. Its APIs sales moved up smartly by 39 per cent to Rs. 181.56 crore from Rs. 130.78 crore on account of API export increased by 58 per cent to Rs. 142.22 crore from Rs. 90.08 crore. However, the sales of domestic APIs declined by 3 per cent to Rs. 39.34 crore from Rs. 40.70 crore. Its EBDITA improved by 49.4 per cent to Rs. 144.76 crore from Rs. 96.91 crore in the same period of last year.