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Lupin posts surprise fourth-quarter loss on one-time charge


(Reuters) - Ltd, India's second-largest drugmaker by revenue, reported a surprise quarterly loss on Tuesday due to a one-time charge related to the acquisition of U.S.-based

Shares of the company briefly hit their lowest since May 2013 after the results, and closed 0.5 percent lower.

Net loss https://was 7.84 billion rupees ($115.57 million) for the fiscal fourth quarter ended March 31, compared with a profit of 3.80 billion rupees a year earlier and an estimate of 3.20 billion rupees profit in a poll of 15 analysts.

One-time impairment https://charge was about 14.64 billion rupees on certain assets the company bought as part of the Gavis group acquisition.

bought privately held Gavis Pharmaceuticals in 2015 in a deal worth $880 million, in a bid to revive its growth in the

Lupin, which specialises in and drugs to treat and hypertension, said sales in the fell about 21.1 percent to 14.99 billion rupees, while domestic sales climbed 13.5 percent to 9.65 billion rupees.

($1 = 67.8375 Indian rupees)

(Reporting By Arnab Paul and Krishna V Kurup in Bengaluru, Editing by and Subhranshu Sahu)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 16:00 IST