Amid the disappointing first-quarter numbers, the shares of Alembic Pharmaceuticals declined over 11 per cent to Rs 808 on the BSE in intraday trade on Tuesday. The pharma company on Monday reported weak numbers, with consolidated profit dipped almost half a year-on-year (YoY) basis.

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The company’s profit after tax (PAT) slumped by 45.4 per cent to Rs 164.50 crore in the June-ended quarter of the financial year 2021-2022 on the weak performance of US business. In the same quarter in the previous fiscal (Q1FY21), the company had posted a profit of Rs 301 crore.

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Similarly, the EBITDA margins declined by 1,258 basis points (bps) YoY to 17.8 per cent due to higher other expenditures.

The company’s revenue slipped by 1.1 per cent to Rs 1,326 crore in the Q1 FY22 with strong growth in domestic formulations being offset by a 38.1 per cent YoY decline in US sales to Rs 369 crore. 

The acute and specialty segments grew faster than the represented pharmaceutical market, the company said, while the domestic formulations grew 57.2 per cent YoY to Rs 481 crore.

The management said, “India business grew exceptionally well and outpaced the industry and we hope to see this momentum continuing due to the initiatives undertaken recently."

The US business faced price erosion due to increased competition, however, the long-term view of the US market remains intact, it added.

The stock at around 12:40 pm was trading near 11 per cent down to Rs 812.4 per share on the BSE, as compared to 0.35 per cent fall in the S&P BSE Sensex. The stock in the last five days have been trading near Rs 950 per share levels, however, slumped immediate after the Q1 results were out.

The stock in the last one month has declined by around 20 per cent, while its fell by over 15 per cent in the last five sessions. It had hit its life high on December 18, 2020 to Rs 1150 per share.