Pharmaceuticals firm Sanofi India today reported 24.96 per cent increase in net profit at Rs 80.6 crore for the first quarter ended March 31.
It had posted net profit of Rs 64.5 crore in the same period last year, the company said in a BSE filing.
Net sales during the period were up 10.11 per cent at Rs 506.3 crore, as compared with Rs 459.8 crore in the year-ago quarter. The company follows calendar year as its fiscal.
During the quarter, the company said its total expenses increased to Rs 445.4 crore as compared with Rs 431.9 crore.
The company said following the amendment of Schedule I of Drugs (Prices Control) Order 2013, the National Pharmaceutical Pricing Authority (NPPA) has notified the ceiling prices of certain products of the company with effect from April 2016.
“Consequently the company has reduced prices of such products. This will have an adverse impact on the sales and profitability of the company,” it added.
Sanofi India stock was trading at Rs 4,380, up 1.36 per cent, on BSE.