Drug maker Shasun Pharmaceuticals Ltd, which does contract research and manufactures generic drugs, moved into the red for the quarter ended June 30, 2013 as its total revenue declined 14.4 per cent to Rs 227.2 crore compared with Rs 265.6 crore reported in Q1 FY13.
While the expenses remained flat the decline in revenues cringed margins and it recorded an operating loss (excluding other income).
While the firm benefitted from Rs 10.9 crore in tax reversal from previous years, it was not enough to remain in the black and the company reported a consolidated net loss of Rs 6.57 crore in the quarter compared with Rs 13.82 crore net profit in Q1 FY13.
Last year, Shasun Pharma raised Rs 50 crore from healthcare focused global private equity firm OrbiMed which holds 11.6 per cent stake in the public listed firm.
(Edited by Joby Puthuparampil Johnson)