Shares of Sanofi India fell more than 3 percent on Wednesday after the pharmaceutical company reported a gloomy set of quarterly numbers. This, despite the company announcing a 1930 percent special dividend.

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Sanofi India said in a filing on Tuesday that its board of directors had declared a one-time interim dividend of Rs 193 per equity share of Rs 10 each for the year ending December 31, 2022. The company has fixed August 8, 2022, as the record date. Sanofi India said the dividend would be paid on or after August 22.

At 12:51 IST, shares of Sanofi India were trading 3 percent lower at Rs 6,405.9 on the BSE.

Higher raw material costs weighed on the company’s profitability. The company witnessed a sharp contraction in its operating margin to 23.04 percent in April-June from 31.31 percent a year ago.

Raw material costs increased to Rs 1,388 million in the June quarter from Rs 1,240 million in the same period last year.

Revenue fell to Rs 6,993 million in the June quarter, down from last year’s Rs 7,891 million and net profit also declined to Rs 1,204 million from Rs 1,783 million posted in the corresponding period last year.

Meanwhile, cash and cash equivalents as of June 30, 2022, stood at Rs 6,856 million against last year’s Rs 9,236 million.

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