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to Tk 1,851 crore in the second quarter of FY24 while profits grew 2 percent to Tk 524 crore in the same period.

The company’s net profit increased by around 10 percent in the first quarter of the current year.

A top official of the company said most pharmaceutical companies were struggling to log higher profits as raw material costs and energy prices had increased amid the devaluation of the local currency against the US dollar.

Square Pharmaceuticals is in a comparatively better position and did not see a decline in profits due to its huge product base, he said.

Although costs rose, it passed a small portion of that onto consumers, the impact of which was seen in the profit, he added.

Raw material costs amounted to 48.9 percent of Square Pharmaceuticals’ net revenue in the second quarter of FY24 compared to 47 percent in the first quarter.

In at least the last 10 years, the largest pharma company in Bangladesh saw single digit profit growth for the first time in fiscal 2022-23.