Drug firm Sanofi India today reported a 27.36 percent dip in standalone net profit to Rs 60 crore for the first quarter ended March 31, 2017 on account of price reduction of drugs in the country and lower exports.
The company had posted a net profit of Rs 82.6 crore for the corresponding period of previous fiscal, Sanofi India said in a BSE filing.
Standalone total revenue from operations also declined to Rs 552.9 crore for the quarter under consideration as against Rs 556.5 crore in 2015-16.
The company follows January-December financial year.
"Lower export volumes and rupee appreciation versus euro had an adverse impact on sales and profitability for the quarter ended March 31, 2017," Sanofi India said.
The profit for the quarter ended March 31, 2017 as compared to the same quarter of the previous fiscal has also been impacted due to price reduction following the fixation of the ceiling prices under Drug Prices Control Order (DPCO) 2013, it added.
Shares of Sanofi India closed 1.23 percent down at Rs 4,180.75 on BSE.
Source: moneycontrol.com