New Delhi: Ajanta Pharma today reported 17.13% decline in profit after tax (PAT)at Rs94.49 crore for the quarter ended 31 March 2018 impacted by decline in institutional business in Africa.

The company had posted PAT of Rs114.02 crore in January-March 2016-17, Ajanta Pharma said in a BSE filing. Revenue from operations stood at Rs530.31 crore in the quarter under review. It was at Rs476.81 crore in the year-ago period.

Ajanta Pharma said revenue from operations were not comparable over previous year due to implementation of GST from 1 July last year as sales have been recorded as net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses.

Ajanta Pharma managing director Yogesh Agrawal said: “During the quarter, we have performed well in the Africa branded generic space. Whereas branded generic business in India and Asia performed below our expectations."

There was a lot of movement in the Africa institution business that saw de-growth of 22% which has impacted the overall quarter performance, he added. “Considering the challenging pricing environment in the US, we have performed much better relative to our competitors who have seen much sharper price erosion," Agrawal said.

For 2017-18, the company said, its PAT was at Rs468.64 crore as compared to Rs506.83 crore in 2016-17. Revenue from operations was at Rs2,130.86 crore as against Rs2,001.64 crore in 2016-17, a growth of 6.46%.

“Going forward, we will continue to focus on the branded generic business in India and emerging markets," Agrawal said. The company said in India, its sales rose 6% at Rs148 crore in the fourth quarter, whereas for the full year the same were at Rs629 crore at a growth of 2%.

Export sales in March quarter were at Rs348 crore, up 10%. For the full year, exports were at Rs1,434 crore, posting a growth of 9%.