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Zydus Lifesciences on Wednesday reported a 13 per cent decline in consolidated net profit at Rs 518 crore for the first quarter ended June on account of lower sales in the domestic market.

The Gujarat-based firm had posted a net profit of Rs 597 crore in the April-June quarter of the last fiscal.

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Revenue from operations however increased to Rs 4,073 crore in the June quarter as against Rs 4,002 crore in the year-ago period, Zydus Lifesciences said in a statement.

Registered revenues in the India market stood at Rs 1,817 crore in the first quarter, 6 per cent down year-on-year.

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However, excluding sales of COVID related products, the business grew 12 per cent year-on-year.

“We are encouraged by our stable Q1 FY23 performance, particularly with the rebound in US business even as consumer wellness and emerging markets sustained growth momentum,” Zydus Lifesciences Managing Director Sharvil Patel said.

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India branded formulations business, adjusting for COVID impact delivered healthy growth, he added.

Shares of the company were trading 0.79 per cent up at Rs 363.45 apiece on the BSE. PTI MSS SHW

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