Alembic Pharma slips 3% as Q3 net tumbles

NEW DELHI: Continuing its losing streak for the eighth time in the past 10 sessions, shares of Alembic Pharmaceuticals fell 3 per cent in morning trade on Monday.

This was the second consecutive day of slide for the stock after the company said its consolidated net profit dropped to Rs 86.55 crore in December quarter from Rs 268.87 crore in the year-ago quarter.

The company though noted that the year-ago quarter included revenues and profits from the Aripiprazole generic launch in the US market, which had limited competition.

“Hence the numbers are strictly not comparable," Alembic Pharmaceuticals said in a filing to BSE.

MD Pranav Amin said: "Our base business in the US is doing well. We will continue to invest in R&D for future growth and have spent Rs 117 crore in the quarter..."

The stock fell 3.46 per cent to hit a low of Rs 555 on BSE.

At the prevailing price, the stock was trading at 22.79 times its trailing 12-month EPS and 6.57 times its book value.