Sanofi India reported 5% rise in net profit to Rs 132.90 crore on a 11.9% decline in revenue from operation to Rs 686.60 crore in Q2 FY21 over Q2 FY20.
Profit before tax in Q2 FY21 stood at Rs 185.9 crore, up 40.1% from Rs 132.70 crore reported in Q2 FY20. Current tax expense jumped 61.4% year-on-year (YoY) to Rs 53.60 crore during the quarter.
"For the quarter ended 30 September 2020, the company has reported a drop in sales by 11% compared to corresponding quarter in 2019. The financial results for the quarter ended 30 September 2020 are not comparable with that of corresponding quarter in 2019 and previous quarters of 2020 due to completion of slump sale transaction on 29 May 2020, which resulted in transfer of Ankleshwar manufacturing facility and few products to Zentiva Private Limited. Some therapy areas were impacted negatively due to the COVID-19 restrictions. The impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The company will continue to monitor any material changes to future economic conditions," Sanofi said in its notes to accounts.
Sanofi India manufactures pharmaceuticals and chemicals. The company has portfolio of vaccines, major biological products, generics medicines, consumer healthcare, animal healthcare, and has a presence in both traditional and emerging markets.
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