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Lupin posts surprise Q4 loss on one-time charge

Reuters 

(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 https://in.com/article/gavis-m-a-lupin/lupin-looks-to-revive-u-s-growth-with-880-mln-gavis-deal-idINKCN0PX0YE20150723 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)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 15:59 IST
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