New Delhi, Jan 30 (PTI) Drug firm Ajanta Pharma Wednesday reported a 54.63 per cent dip in consolidated net profit to Rs 66.90 crore for the December 2018 quarter.Also Read - India to Lift Quarantine Requirement For International Arrivals From Today | Check Latest Guidelines Here
The company had posted a net profit of Rs 147.47 crore for the corresponding period of the previous fiscal, Ajanta Pharma said in a filing to the BSE. Also Read - Aryan Khan Case LIVE Updates: 3rd Round of Questioning For Ananya Panday; NCB's Sameer Wankhede Seeks Protection
Consolidated revenue from operations of the company stood at Rs 485.11 crore for the quarter, against Rs 587.05 crore for the corresponding period a year ago. Also Read - Gold Rate Remains Stable, Check Gold Price in Your City
In a separate filing, the company said its board has approved a proposal for buyback of not exceeding 7.69 lakh shares at a price of Rs 1,300 per share in cash for an aggregate consideration not exceeding Rs 100 crore.
Ajanta Pharma Managing Director Yogesh Agrawal said: “This quarter was a bit challenging for the company which was the result of pipeline filling in corresponding quarter of previous year which got normalised.” This quarter also saw a significant drop in the anti-malarial business due to changing conditions of this business segment, he added.
“Operational expenses of two new additional manufacturing facilities at Dahej and Guwahati during the year also weighed on the profitability growth,” Agrawal said.
Shares of Ajanta Pharma closed at Rs 1,089.55 per scrip on the BSE, down 0.38 per cent from the previous close.
This is published unedited from the PTI feed.