City-based healthcare player, Zydus Wellness has registered 26 per cent decline in the standalone net profit for the first quarter ended June 30. The company posted standalone net profit of Rs 17 crore for the April-June period against Rs 23 crore reported in the corresponding period pervious year.

Company’s net sales stood at Rs 23 crore for the quarter under review against Rs 28 crore in the same period last year.

On consolidated basis, net profit declined by about 25 per cent to Rs 17 crore on the net sales of Rs 101 crore for the period. In the previous year’s comparable period, the net profit was Rs 23 crore on net sales of Rs 107 crore.

“The tax expense of the corresponding quarter of the previous year includes one time tax refund of Rs 5.83 crore and hence the tax expense of the current quarter and the corresponding quarter is not comparable,” the company said.

Further, the board of directors of the company appointed Dr Sharvil Patel as the chairman of the board with immediate effect as Mr Pankaj Patel ceased to be the director of the company. Sharvil Patel is the son of Pankaj Patel.

“Mr Pankaj R. Patel has expressed his unwillingness for reappointment as a director of the company. He ceased to be the director of the company w.e.f. July 14, 2014 and the company shall not fill the vacancy caused due to this,” a company filing with the Bombay Stock Exchange (BSE) said.

Zydus Wellness manufactures healthcare products like Sugar Free, Nutralite and EverYuth. The company shares fell by 5.59 per cent to end at Rs 614.85 on the BSE.

Related Topics
comment COMMENT NOW