Alkem Laboratories reported a four-fold surge in its consolidated net profit to Rs 293 crore for the March 2024 quarter, driven by lower raw material costs and price erosion in the US.
New Delhi, May 29 (PTI) Alkem Laboratories on Wednesday said its consolidated net profit surged four-fold to Rs 293 crore for the March 2024 quarter.
The drug maker had reported a net profit of Rs 71 crore for the January-March quarter of FY23.
The company said its profit for the fourth quarter of FY23 was impacted on account of derecognition of deferred tax of Rs 120 crore.
Adjusted for the above item, the profit growth for the March quarter of FY24 would have been 54 per cent.
Revenue from operations climbed to Rs 2,936 crore for the fourth quarter as compared to Rs 2,903 crore in the year-ago period.
For the year ended on March 31, 2024, the company reported a net profit of Rs 1,796 crore from Rs 984 crore in FY23.
Revenue from operations rose to Rs 12,667 crore last fiscal as against Rs 11,599 crore in 2022-23 fiscal.
"Continuing our trend of improved performance, Q4FY24 builds on the momentum gained from previous quarters with significant gross margin enhancements backed by lower raw material cost and lower intensity of price erosion in the US," Alkem CEO Vikas Gupta said.
The company said its board has recommended a final dividend of Rs 5 per share of Rs 2 each for the year ended on March 31, 2024.
Shares of the company on Wednesday settled 0.93 per cent higher at Rs 5,265.10 apiece on the BSE.
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