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Hyderabad, July 24

Neuland Laboratories Ltd’s net profit decreased significantly at Rs 1.01 crore in the first quarter ended June 30, compared with Rs 2.78 crore in the corresponding quarter of previous financial year. Total income of the Hyderabad-based company, however, increased 25 per cent to Rs 58.5 crore (Rs 46.7 crore) during the quarter. The decrease in net profit was due to foreign exchange loss of Rs 1.93 crore, Mr D Sucheth Rao, Chief Operating Officer (COO), Neuland Laborat ories, said in a release. “The increased market share for our APIs where Neuland is moving towards a leadership position is an indication of the success of the company’s strategy for manufacturing high-end, APIs which meet stringent regulatory norms,” he said. —

Our Bureau

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