New Delhi: Drug firm Sanofi India reported a 14.40 per cent dip in its net profit to Rs 73.7 crore for the second quarter ended June.
The company had posted a net profit of Rs 86.1 crore in the corresponding period of the previous fiscal, Sanofi India said in a BSE filing.
Total revenue from operations of the company stood at Rs 600.6 crore for the quarter under consideration as against Rs 620.2 crore for the same period a year ago.
“Gross sales and profit before tax for the quarter and half year ended June 30, 2017 were impacted due to down stocking in trade channels in anticipation of the GST regime”, Sanofi India said.
Appropriate provisions have been made to prepare for company’s transition to new GST system, it added.
In a separate filing, Sanofi India said that its board has declared an interim dividend of Rs 18 per equity share of Rs 10 each for the financial year ending December 31, 2017.