Lupin posts 59% drop in consolidated net profit at Rs 358 crore in Q1

NEW DELHI: Drugmaker Lupin on Wednesday reported a 59.40 per cent year-on-year (YoY) drop in consolidated net profit at Rs 358.06 crore for the June quarer, which fell short of Rs 488 crore estimated by analysts in an ET Now poll.

The pharma firm had reported Rs 881.95 crore profit in the corresponding quarter last year.

Nilesh Gupta, Managing Director at Lupin, said, “Our Q1, FY2018 results have been below our own expectations on count of higher than anticipated price erosion in select products like Glumetza, disruption on count of GST implementation in India and appreciation in the rupee. Our focus remains on building our complex generic pipeline, operational excellence, regulatory compliance and building a differentiated specialty business.”

Income from operations for the quarter came in at Rs 3,869.58 crore, down 13.38 per cent YoY over Rs 4467.65 crore in the same quarter last year. ET Now poll had forecast Rs 4,186 crore revenue for the quarter.

Consolidated Ebitda margin for the quarter came in at 19.8 per cent against ET Now poll of 21.7 per cent.