Lupin Q1 net profit dips 43 pc at Rs 203 cr

Drug firm Lupin today reported 43.37 per cent decline in its consolidated net profit at Rs 202.76 crore for the first quarter ended June 30, hit by drop in sales in the US and Japan. The company had posted a net profit of Rs 358.08 crore in the April-June quarter of 2017-18. Income from operations declined to Rs 3,774.57 crore for the first quarter as compared with Rs 3,806.83 crore in the same period of the previous fiscal.

"The first quarter of FY2019 has been subdued, primarily on account of the US and Japan," Lupin Ltd Managing Director Nilesh Gupta said in a statement. During the quarter, the company's North America sales declined to Rs 1,185.8 crore, as compared with Rs 1,499 crore in the same period of 2017-18. Lupin's Japan sales stood at JPY 8,129 million during the first quarter ended June 30, as compared with JPY 8,585 million in the same period of the previous fiscal.

In India, the company's formulation sales grew by 30.7 per cent to Rs 1,192.4 crore during the period under review from the same period of the previous fiscal.

Shares of Lupin were trading 4.76 per cent down at Rs 823.90 apiece on the BSE today.