Pharmaceuticals firm Abbott India today reported 34.8 per cent decline in net profit to Rs 48.25 crore for the first quarter ended June 30, with sales hit by de-stocking in trade channels ahead of GST implementation. The company had posted net profit of Rs 74.01 crore in the same quarter last fiscal, Abbott India said in a BSE filing. Revenue from operations during the period under review stood at Rs 714.73 crore, as against Rs 738.12 crore in the year-ago quarter, down 3.17 per cent.
Revenue from operations was impacted due to de-stocking in trade channels in anticipation of the GST regime, the company said. Total expenses in the first quarter were also higher at Rs 657.57 crore as against Rs 636.9 crore in the corresponding period last fiscal. Shares of Abbott India were trading at Rs 4,369.75 apiece in the afternoon trade, down 1.87 per cent from the previous close on BSE.