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Drug firm Wyeth today reported a 39.23% dip in net profit at Rs 18.38 crore for the quarter ended September 30, 2013, mainly on account of revised prices due to new pricing policy and higher import costs.
The company had posted a net profit of Rs 30.25 crore for the corresponding period of previous fiscal, Wyeth said in a filing to the BSE.
"Consequent to the New Pricing Policy, revised prices have been implemented during the quarter for all products of the company covered under the price notifications issued by the Government till date. This along with the higher landed cost of imported products has adversely impacted the revenue and profitability of the company during the current quarter," it added.
Net sales of the company however rose to Rs 168.76 crore for the quarter under consideration as against Rs 153.52 crore for same period year ago.
Shares of Wyeth Ltd today closed at Rs 654.05 on BSE, up 3.03% from its previous close.
