Ipca Labs slumps post Q2

Ipca Labs posted a 38% (YoY) rise in consolidated net profit at Rs.267 crore on a 6% rise in total income at Rs.1376 crore. Though the company had the advantage of a forex gain of Rs.17 crore, this was more than offset by a 65% jump in tax outgo at Rs.52 crore.

Its interest cost during the quarter came down 45% at Rs.2.3 crore.

The company’s performance was led by exports. Domestic formulations sales was down 1% while exports, mainly, institutional exports rose 33%. In APIs, domestic sales was down 13% and exports were up 30%.

The Board has declared an interim dividend of Rs.8/- per share (400%).

The stock, which had closed at Rs.2336.80 on Friday, opened over 1% lower at Rs.2310 and slipped further by over 3% to an intraday low at Rs.2262.80.