:Laurus Labs Limited,a city-based drug maker, today said its consolidated net profit for the quarter ended March 31 was down by over 36 per cent to Rs 45 crore as against Rs 71 crore during the first quarter of the last fiscal.
According to a filing with the bourses, the company's revenues from operations were up by nearly 17 per cent to Rs 560 crore during the quarter under discussion. It was Rs 480 crore in Q4 of FY 17.
Asenior official of the company said the net profit was affected by higher provisioning for Income Tax and additional depreciation on the capex.
Forthe full year, Laurus Labs net profit was registered at Rs 168 crore against Rs 191 crore during the previous fiscal.
"On the whole our revenue growth for FY 18 was muted mainly due to HEP-C(Hepatitis-C)businesses and investments made in formulations, despite that we have shown an improvement in gross margins, owing to cost efficiencies and improved contributions from high margin synthesis business," the company's CEO Satyanarayana Chava said in a statement.
As the contributions from FDF(Finished Dosage Formulations)anddynthesis businesses improve, overall operating leverage will help the company report robust margins expansion,he added.
The board of directors of the Company in their meeting todayrecommended a dividend of Rs l.50 (15per cent) per equity share of Rs l0face value, for the financial year 2017-18.
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