New Delhi: Pharmaceuticals firm Abbott India on Tuesday reported 34.8% decline in net profit to Rs48.25 crore for the first quarter ended 30 June, with sales hit by de-stocking in trade channels ahead of the goods and services tax (GST) implementation.
The company had posted net profit of Rs74.01 crore in the same quarter in 2016-17, Abbott India said in a BSE filing.
The firm’s revenue from operations during the period under review stood at Rs714.73 crore, as against Rs738.12 crore in the year-ago quarter, down 3.17%; revenue from operations was impacted due to de-stocking in trade channels in anticipation of the GST regime, the company said.
Total expenses in the first quarter were also higher at Rs657.57 crore as against Rs636.9 crore in the corresponding period in 2016-17. Shares of Abbott India closed at Rs4,396.00 apiece, down 1.28% from the previous close on BSE.