Alkem Laboratories today reported 17.12 per cent increase in consolidated net profit at Rs 238.79 crore for the first quarter ended June 30, 2016.
The company had posted a consolidated net profit of Rs 203.87 crore in the same quarter last fiscal, Alkem Laboratories said in a BSE filing.
Net sales during the period under review stood at Rs 1,439.36 crore as against Rs 1,196.03 crore in the year-ago quarter, it added.
Domestic business sales in June quarter of this fiscal grew 22.4 per cent at Rs 1,080.3 crore as compared to Rs 882.7 crore in the year-ago period.
International business sales were higher by 14.55 per cent at Rs 359 crore as compared to Rs 313.4 crore in the year-ago period.
"June quarter of this fiscal has been an impressive start to the year for the company with a good all-round performance. Despite regulatory headwinds in the form of NLEM (national list of essential medicines), WPI-led price cuts, we have delivered a robust and a broad-based growth," Alkem CEO Prabhat Agrawal said.
He further said the company has also worked on various cost optimisation measures, which along with operating leverage has helped it offset the adverse impact of regulatory price cuts on EBIDTA margins.
"Further, we also successfully closed the regulatory issues with the UK MHRA at our Taloja bio-equivalence centre," Agrawal said.
Company's R&D expenses for the quarter were at Rs 78.8 crore or 5.4 per cent of net operating income, Alkem Laboratories said.
As on June 30, 2016 the company has filed a total of 76 ANDAs and one new drug application with the USFDA, for which 32 are para IV filings, including first to file, it said.
Shares of Alkem Laboratories were trading at Rs 1,567.80 in the afternoon trade on BSE, down 1.37 per cent from the previous close.
Disclaimer: No Business Standard Journalist was involved in creation of this content
