Shares of Ipca Laboratories hit a 52-week low of Rs 818.25, down 5% on the BSE in intraday trade on Friday, as brokers lowered their FY24/FY25 earnings per share (EPS) forecasts after a weak December quarter.

The company’s consolidated Ebitda margin contracted 486 basis points to 16.67% in the December quarter (Q3FY23). Ebitda’s margin declined by 200 basis points on a sequential basis, impacted by lower gross margin and negative operating leverage.

The drugmaker’s shares have fallen below the previous low of Rs 823.95 on February 14. The stock was down 4.6% at Rs 823.60 at 10:46 am, while the S&P BSE Sensex was down 0.21%.

The company’s consolidated net profit nearly halved to Rs 120.27 crore in Q3FY23 from Rs 218.17 crore in Q3FY22. Total net revenue rose 9% year-on-year to Rs 1,458 crore.

Ipca is vertically integrated, producing finished dosage forms and active pharmaceutical ingredients. Exports accounted for 44% of the company’s revenue.