Alembic Pharma reports 65.88cr net loss in 1st qtr

Ahmedabad: Vadodara-based pharmaceutical major, Alembic Pharmaceuticals posted net losses worth Rs 65.88 crore during the first quarter of financial year 2022-23, against a profit of Rs 165 crore in the corresponding quarter of FY 2021-22. Pranav Amin, managing director, Alembic Pharmaceuticals Ltd said “It was a tough quarter with significant price erosion in the US market, we also charged off a non-recurring expense of Rs 115 crore.” The profit before tax for the quarter is Rs 47 crore before charging off the non- recurring expense. Alembic Pharmaceuticals had acquired the balance 40% stake in Aleor Dermaceuticals from its JV Partner Orbicular Pharmaceutical Technologies in the fourth quarter of FY 2022. tnn