However, revenue from operations rose 8.08% to Rs 1,546 crore during the quarter as against Rs 1,430.47 crore recorded in the corresponding quarter last year.

Total income in Q3 FY23 was at Rs 1,576.89 crore, up by 9% from Rs 1443.40 crore posted in Q3 FY22.

Profit before tax dropped 35.03% year on year to Rs 169.34 crore in the quarter ended 31 December 2022.

Total expenses grew 19.01% to Rs 1407.55 crore in Q3 FY23 over Q3 FY22. Cost of materials consumed was at Rs 362.25 crore (down 13.14% YoY) while employee expenses stood at Rs 318.44 crore (up 12.25% YoY).

EBITDA before forex declined 15% to Rs 262.82 crore in Q3 FY23 from Rs 310.83 crore posted in Q3 FY22. EBITDA margin reduced to 16.67% in Q3 FY23 as compared with 21.53% reported in the same period last year. The company reported forex gain of Rs 16.07crore in Q3 FY23 as against forex loss of Rs 9.91 crore recorded in Q3 FY22.

Revenue from formulations business stood at Rs 1,102.61 crore in Q3 FY23, up by 11% YoY. During the quarter, income from domestic formulations business rose 9% at Rs 702.25 crore.

Revenue from APIs business grew 4% YoY to Rs 322.22 crore in Q3 FY23.

Meanwhile, the company's board based on the recommendation of the Nomination and Remuneration Committee has appointed Premchand Godha as the whole-time director designated as the executive chairman of the company for a period of 5 years commencing 1 April 2023

The board of directors of the company has approved the appointment of Ajit Kumar Jain as the managing director with effect from 1 April 2023 for the remainder period of his current tenure of appointment till 20 August 2024.

Further, the firm's board has also approved the appointment of Pranay Godha as the managing director and CEO effective from 1 April 2023 for the remainder period of his current tenure of appointment till 10 November 2023.

IPCA Laboratories is a pharmaceutical company with a strong thrust on exports which now account for 46% of company's income. IPCA is vertically integrated and produces finished dosage forms and active pharmaceutical ingredients.

Shares of IPCA Laboratories shed 0.62% to Rs 851.35 on the BSE.