Ajanta Pharma net profit dips 55% to Rs 67 crore in December quarter

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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.

Drug firm Ajanta Pharma on Wednesday reported a 54.63 percent dip in consolidated net profit to Rs 66.90 crore for the December 2018 quarter. 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.

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.

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.

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Ajanta Pharma Managing Director Yogesh Agrawal said: "This quarter was a bit challenging for the company which was the result of pipeline filling in the corresponding quarter of the previous year which got normalized."

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 percent from the previous close.

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