Lupin net declines 31% in Q2

Mumbai, Oct 30 (IANS) Pharma major Lupin Ltd on Monday reported Rs 455 crore consolidated net profit for the second quarter of fiscal 2017-18, posting 31 per cent decline from Rs 662 crore in the same period year ago.

Sequentially, consolidated net profit for the quarter under review, however, increased from Rs 358 crore last quarter.

In a regulatory filing on the BSE, the city-based drug firm said consolidated revenue from operations declined 8 per cent annually to Rs 3,952 crore from Rs 4,291 crore in the like period year ago, but grew 2.1 per cent sequentially from Rs 3,870 crore last quarter.

Operating profit also declined 17 per cent annually to Rs 853 crore for Q2 from Rs 1,031 crore last year though up 20 per cent sequentially from Rs 768 crore last quarter.

Earnings before interest, tax, depreciation and amortisation (Ebitda) declined 12 per cent annually to Rs 927 crore for Q2 from Rs 1,058 crore last year, but increased 21 per cent sequentially from Rs 800 crore last quarter.

"We have recorded strong growth in all our markets in Q2 but for the US generic business where we continue to see pricing pressure, as expected," said Lupin Managing Director Nilesh Gupta in a statement.

The Ebitda sequential growth was fuelled by optimising operations and investing 12 per cent more on research and development to Rs 474 crore.

"We are on track with our generic pipeline and have made progress on the speciality front with the acquisition of Symbiomix in the US," added Gupta.

The company's blue chip scrip of Rs 2 face value gained Rs 26.70 per share when trading on the BSE closed to end at Rs 1,027.55 from Friday's closing rate of Rs 1,000.85 and opening price of Rs 1,005 after touching a high of Rs 1,090 and a low of Rs 993.50 during the intra-day trading sessions.

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