Alembic posts 45% increase in net profit
- Paytm says transactions crossed Rs10,000 crore during Diwali season
- Canara Bank to hire investment bankers for sale of non-core assets
- RAW Pressery gets $6 million funding from Sequoia, Saama Capital, DSG
- Amazon eyeing offline tie-ups to take on Flipkart in online fashion retail
- Yash Gupta resigns from Hines, to set up own real estate venture
Hyderabad: Alembic Pharmaceuticals Ltd on Friday said its net profit rose 45% in the quarter ended June on the back of a strong performance by its international formulations business.
The Vadodara, Gujarat-based company posted a net profit of Rs.102 crore in the first quarter of FY17, compared with Rs.70 crore in the year-ago quarter.
Revenue rose 25% to Rs.736 crore.
The international formulations business, which comprises a third of Alembic’s overall sales, grew 72% to Rs.308 crore, due to the traction its generic launches got last fiscal.
Alembic launched six new products in the US in FY16, including off-patent ones such as aripiprazole, the generic version of Bristol-Myers Squibb Co.’s anti-depression drug Abilify; and celecoxib, a generic equivalent of GD Searle LLC’s painkiller Celebrex.
The company received 10 abbreviated new drug application (ANDA) approvals in the last financial year, taking the total approvals to 47.
The Indian branded formulations business grew 6% to Rs.278 crore. The active pharmaceutical ingredient business grew 7% to Rs.128.2 crore.
The company said it is planning to launch 7-8 new drugs in the US in FY17, and is also evaluating existing relationships with its partners as it plans to focus on building its front-end business in the country.
“We continue to invest in R&D for future growth. Alembic USA successfully established and launched 23 products in the market,” said Pranav Amin, managing director of Alembic.
Shares of Alembic rose 2.23% to close at Rs.626.95 apiece on BSE on Friday.
Dr Lal Pathlabs posts 30% rise
Diagnostics firm Dr Lal Pathlabs Ltd on Friday posted a 30% rise in net profit, driven by volume growth of diagnostic tests.
The Gurgaon-based company posted a net profit of Rs.401 crore in the first quarter of FY17, compared with Rs.310 crore in the same period last year.
Revenue rose 17.7% to Rs.2,228.4 crore.
“Our continuous initiatives to innovate and expand have enabled us stay ahead on our growth curve, in a sector which we believe is highly dynamic and competitive,” Dr Arvind Lal, chairman and managing director of Dr Lal Pathlabs, said.
“We are confident that with the support and commitment of our teams we will continue to deliver high quality services to our patients and drive growth and create significant value for all our stakeholders,” Lal added.
Shares of Dr Lal PathLabs rose 0.94% to close at Rs.970.50 on BSE on Friday.