Alembic Pharma net profit rises 37 pc to Rs 124 cr in June quarter

Alembic Pharmaceuticals on Monday posted a 36.75 percent rise in its consolidated net profit to Rs 123.72 crore for the first quarter ended June 30, driven by robust sales in the US market. The drug firm had reported a net profit of Rs 90.47 crore in the corresponding period of 2018-19.

Revenue from operations rose to Rs 948.91 crore in the June quarter as compared with Rs 862.53 crore in the year-ago period, Alembic Pharmaceuticals said in a regulatory filing. "It was a good quarter for the company backed by exceptional growth in the US market," Alembic Pharmaceuticals Ltd Managing Director Pranav Amin said.

The company's oncology plant was inspected by the US Food and Drug Administration (USFDA) with no observations, he added. During the quarter, the company said, its US formulation sales rose to Rs 345 crore, a rise of 53 percent as compared with Rs 226 crore a year ago.

Its domestic formulations business, however, declined 2 percent to Rs 324 crore during the period as against Rs 331 crore last year. Shares of Alembic Pharmaceuticals were trading 1.62 percent up at Rs 543.50 apiece on the BSE.