New Delhi: Drug firm Ipca Laboratories on Tuesday reported a 13.50 per cent decline in its consolidated net profit to Rs 83.05 crore for March 2020 quarter mainly on account of impairment of intangible assets of a US subsidiary.
The company had posted a net profit of Rs 96.02 crore for the corresponding period of the previous fiscal, Ipca Laboratories said in a filing to the BSE.
Total income of the company stood at Rs 1,087.49 crore for the quarter under consideration. It was Rs 894.87 for the same period year ago, it added. "Consolidated net profit at Rs 83.05 crore decreased by 14 per cent after impairment of intangible assets of Rs 27.64 crore of a US subsidiary," the filing said.
For the fiscal ended March this year, the net profit of the company was Rs 603.56 crore as against Rs 442.22 crore for the previous financial year, Ipca Laboratories said.
Total income for the financial year 2019-20 stood at Rs 4,715.71 crore. It was Rs 3,830.86 crore for the year ago fiscal, it added.
Shares of Ipca Laboratories were trading at Rs 1,591.90 per scrip on the BSE, down 0.41 per cent over previous close.