Lupin Q1 net profit drops 65% to Rs 107 crore slammed by Covid-19

Drug firm Lupin has reported a 64.72 per cent decline in its consolidatednet 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.

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 US. We continue to focus on business continuity while ensuring employee safety," Lupin MD Nilesh Gupta said.

"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 per cent of its global sales,the company filing said.

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 per cent of its global sales,the company said.