Lupin Q1 net profit drops 65% to Rs 107 crore

Drug firm Lupin has reported a 64.72 percent decline in its consolidated net profit to Rs 106.90 crore for the quarter to June 2020, hit by the Covid-19 pandemic.

The company had posted a net profit of Rs 303.05 crore for the corresponding period of the previous fiscal, Lupin said in a late-night filing to the BSE on Thursday.

READ: Lupin recalls 35,928 bottles of generic antibiotic drug in the US

Consolidated total revenue from operations stood at Rs 3,527.9 crore for the quarter under consideration. It was Rs 3,877.7 crore for the same period a year ago.

"The quarter's performance was impacted by the Covid-19 pandemic and related lockdowns, affecting our key businesses in India and the US. We continue to focus on business continuity while ensuring employee safety," Lupin MD Nilesh Gupta said.

For latest updates and live news on coronavirus, click here

"Despite the challenges impacting revenues, we improved margins driven by tight expense control. We expect to continue the momentum on margin improvement. This is a pivotal year for us to deliver on our key complex generic assets and to sustain the momentum on the compliance front," he added.

Lupin's North America sales for Q1 FY2021 were at Rs 1,216 crore as compared to Rs 1,541.2 crore in the same quarter a year earlier, accounting for 35 percent of its global sales, the company filing said.

READ: Lupin to sell generic Covid-19 drug favipiravir

The company's India formulation sales for Q1 FY2021 were at Rs 1,285.4 crore as against Rs 1,307.7 crore in the same quarter of FY2020, accounting for 37 percent of its global sales, the company said.