Lupin posts net loss of Rs 127 crore in September quarter; hit by one-time loss of Rs 546 crore

Drug major Lupin on Wednesday reported a consolidated net loss of Rs 127.1 crore in the second quarter-ended September 30, 2019, impacted by a one-time loss of Rs 546.5 crore.

"The Mumbai-based firm had posted a net profit of Rs 266 crore in the same period last fiscal and Rs 303 crore in Q1FY20," Lupin said in a filing to the Bombay Stock Exchange.

Consolidated revenue from operations of the pharma major increased 10.3 per cent year-on-year (YoY) to Rs 4,359.7 crore in Q2FY20 as against Rs 3,951 crore in Q2FY19.

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For the second quarter of 2019-20, Lupin's other income declined to Rs 133.3 crore versus Rs 230.7 crore in the same period last year.

EBITDA (Earnings before, Interest, Tax, Depreciation and Amortisation) rose 10.8 per cent YoY to Rs 864.3 crore as against Rs 780.3 crore in September quarter of the last financial year.

For the quarter under review, tax expense stood at Rs 34.3 crore against Rs 172.9 crore in the previous year's period.

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Lupin's India sales, which accounts for 31 per cent of global sales, were Rs 1,341.9 crore compared to sales of Rs 1,307.7 crore during Q1FY20 and Rs 1,203.2 crore during Q2FY2019.

Lupin received approvals for 4 Abbreviated New Drug Application (ANDA) from the US drug regulator during the quarter. Cumulative ANDA filings with the US Food and Drug Administration (FDA) stood at 427 as of September 30, 2019, with the company having received 274 approvals to date.

Following Q2 earnings, shares of Lupin closed 2.29 per cent higher at Rs 772.15 apiece on the Bombay Stock Exchange.

Edited by Chitranjan Kumar