IPCA Laboratories, a Rs 1100 crore Mumbai based pharmaceutical company, has suffered a setback during the first quarter ended 2008 due to foreign exchange translation loss. The company's net profit declined by 32 per cent to Rs 23.63 crore from Rs 34.72 crore in the corresponding period of last year. Its net sales, however, increased by 18 per cent to Rs 295.44 crore from Rs 249.88 crore. IPCA's export sales moved up by 40 per cent to Rs 152.52 crore from Rs 109.30 crore. With fall in profits, its earning per share nosedived to Rs 9.38 as against Rs 13.79 in the last period.

The company's profit before foreign exchange translation loss and provision for taxes for the quarter is up by 56 per cent to Rs 47.10 crore as against Rs 30.22 crore in the same quarter previous year. The company provided Rs 17.65 crore for foreign exchange translation loss as compared to gain of Rs 13.65 crore in the similar period of last year.