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IPCA Laboratories Ltd, on Monday, posted a consolidated net profit of Rs 76.52 crore for the March quarter. This is 41.3 per cent fall from Rs 130 crore a year ago, the company statement said.
The company’s consolidated revenue from operation rose by 17.3 per cent to Rs 1,512 crore for the March quarter as compared to Rs 1,289 crore in the year-ago period, the company said in a regulatory filing.
In April, Ipca Laboratories said the US Food and Drug Administration (USFDA) has issued three observations under form 483 for the company’s formulation manufacturing facility at Piparia, near Silvassa.
The observations were followed by the USFDA inspection at the site from April 18 to April 26. The company told stock exchanges it will work closely with the drug administrator to resolve the issues.
Ipca’s US business suffered after the USFDA put import bans on three of its sites: Silvassa, Indore SEZ, and API plant in Ratlam. Mumbai-based Ipca drew 46.89 per cent of its revenues from exports in FY22. Of this, around 20 percent came from the US, according to the company’s FY22 annual report.
Ipca said that it saw status quo from the USFDA on its plants with no developments.
