Alembic Q2 net up 64% on formulations, APIs biz

Alembic Q2 net up 64% on formulations, APIs biz

Mumbai: Drugmaker Alembic on Tuesday said its second quarter consolidated net profit rose 63.8%, primarily on robust sales growth in branded formulations and active pharmaceutical ingredients (APIs).

The company reported a consolidated net profit of Rs217.7 crore on net sales of Rs363 crore for July-September.

The domestic branded formulations business grew 27% on year to Rs207 crore in July-September while the APIs segment posted a 33% rise to Rs100 crore, the drugmaker said in a statement.

The firm’s generics business reported a modest rise of 10% in sales to Rs400 crore during the quarter, it said.

Alembic’s key products Azithral, Wikoryl and Zeet registered a growth of more than 26% each during July-September, it said.

Alembic’s board, on 10 June, had approved the demerger of its core pharmaceuticals business into a separate unit, paving the way for the company’s entry into the real estate sector.

Under the proposed restructuring, the company plans to spin off about 70% of its overall business into a new unit named Alembic Pharma Ltd.

At 3:10 pm, shares of Alembic were trading at Rs68.5, up 2.93% in a weak Mumbai market.