Shares of Shilpa Medicare Ltd., a company engaged in the manufacturing of active pharma ingredients, formulation and development service, dropped more than 4 percent in trade on Friday after the company reported a net loss for the March quarter, compared to a net profit in the year-ago quarter.

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The company reported a net loss of Rs 8 crore, compared to a net profit of Rs 29.5 crore during the same period last year. It had reported a net loss of Rs 6.6 crore during the December quarter as well. Part of the loss is also due to a tax outflow of Rs 3.8 crore, compared to a tax credit of Rs 95 lakh.

Revenue for the quarter fell 22.6 percent to Rs 263.5 crore during the quarter. It remained flat on a sequential basis.

EBITDA, or earnings before interest tax, depreciation and amortisation, nearly halved from last year to Rs 38.22 crore during the quarter versus Rs 73.7 crore last year. However, the operating profit improved quarter-on-quarter from Rs 31.3 crore in December.

EBITDA Margins stood at 14.5 percent in the March quarter compared with 21.6 percent in the same quarter a year ago and 12 percent in the previous quarter.

For fiscal 2023, the company's revenue fell to Rs 1,050 crore from Rs 1,145 crore during the year-ago quarter. EBITDA halved on an annualised basis as well, falling to Rs 102.2 crore from Rs 203.8 crore last year. Full-year margin fell to 9.7 percent from 18 percent in financial year 2022. Loss for the full fiscal stood at Rs 32.47 crore compared to a net profit of Rs 60 crore last year.

Shares of Shilpa Medicare fell 2.8 percent to Rs 237.7 crore.

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