Hit by the US health regulator imposing import ban on three of its manufacturing facilities, Ipca Laboratories today reported 86 per cent decline in net profit at Rs 18.89 crore for the first quarter ended June 30, 2015.
The company had posted a net profit of Rs 136.74 crore in the same period of the previous fiscal.
Net sales of the company declined to Rs 750.98 crore during the first quarter compared with Rs 928.20 crore during the June quarter of 2014-15 fiscal, Ipca Laboratories said in a filing to the BSE.
“The income and profitability of the company was impacted in the first quarter due to USFDA import alert on three manufacturing units, lower anti-malarial institutional business and impact in the emerging markets due to currency fluctuations,” it added.
The company is implementing comprehensive remedial measures at all its manufacturing sites to ensure regulatory compliances, the filing said.
Ipca shares were trading at Rs 680.30 apiece on the BSE, down 1.46 per cent from the previous close.