Comments
Lupin Ltd, one of India’s top five drugmakers by sales, reported second-quarter net profit much below market estimates, due to lower revenue from its largest market, the United States.
Net profit for the July-September quarter slumped 35 per cent to Rs 409 crore ($62.97 million). That was much below the Rs 568 crore analysts on average estimated, according to Thomson Reuters data.
US sales fell about 9 per cent to Rs 1,155 crore.
Lupin’s performance has been hurt in recent quarters by lower number of generic drug approvals by the US Food and Drug Administration.
“A lack of material (drug) launches continued to dampen growth’’ in the second quarter, Lupin's Managing Director Nilesh Gupta said in a statement on Tuesday.
The company shares were trading down by 5.55 per cent at Rs 1, 939.50 on the BSE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.