India's Supriya Lifescience falls to record low on Q3 profit drop

Supriya Lifescience

15/02/2023 07:13

** Shares of Supriya Lifescience  SPRL.NS  fall as much as
9.45% to 179.10 rupees, a record low
    ** Active pharmaceutical ingredients (API) maker on Tuesday
reported a 76% decline in net profit in third quarter to 95.18
mln rupees
    ** Core profit falls over 63% YoY to 140.43 mln rupees; core
profit margin contracts to 13.37%
    ** "Lockdown in major Chinese cities and decreased demand
for key products led to lower revenue and profitability," says
Satish Wagh, chairman and managing director of SPRL
    ** SPRL is expanding its geographical presence, diversifying
product offering and optimising manufacturing capacity to
counter the dependence on China, management says
    ** About 887,000 shares change hands as of 12:33 p.m. IST,
nearly seven times the 30-day avg - Refinitiv data
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
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