Ipca Lab Posts 86% Fall in Q1 Profit

New Delhi: Hit by the US Food and Drug Administration (FDA) imposing import ban on three of its manufacturing facilities, Ipca Laboratories on Thursday reported an 86 per cent decline in net profit at Rs 18.89 crore for fiscal first quarter that ended on June 30, 2015.

The company had posted a net profit of Rs 136.74 crore for the corresponding period a year ago.

Net sales of the company declined to Rs 750.98 crore during the quarter under review, as against Rs 928.20 crore in the year-ago period, 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 (US health regulator) 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, it said.

Shares in Ipca Laboratories, on Thursday, ended 0.54 per cent higher at Rs 694.10 apiece on the BSE.