Lupin posts 31.3% decline in net profit

PTI New Delhi | Updated on January 09, 2018

Lupin has posted 31.3 per cent decline in consolidated net profit at Rs 455 crore for the September quarter as it continued to face pricing pressure in the US market.

The Mumbai-based company had reported a net profit of Rs 662.2 crore in the July-September period of the last fiscal.

Net sales of the company stood at Rs 3,874.2 crore during the second quarter of 2017-18, down 8 per cent from Rs 4,211.2 crore in the year-ago period.

“In the second quarter, we have recorded strong growth in all our markets but for the US generic business where we continue to see pricing pressure, as expected,” Lupin Managing Director Nilesh Gupta said in a statement.

The company is on track with its complex generic pipeline and has made significant progress on the speciality front with the acquisition of Symbiomix in the US, he added.

During the period under review, the company’s North America sales stood at Rs 1,361.1 crore, down 31.9 per cent compared with Rs 1,997.8 crore in the second quarter of the previous fiscal.

Lupin’s sales in India rose however to Rs 1,159.3 crore during the second quarter, up 16.4 per cent, from Rs 995.8 crore in the same period of the previous fiscal.

The company’s sales also grew in Asia-Pacific, Europe, Middle-East and Africa (EMEA) and Latin America (LATAM) markets during the second quarter.

Shares of the company ended higher by 2.67 per cent at Rs 1,027.55 on the BSE.

Published on October 30, 2017

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