Drug maker Lupin reports consolidated net loss of Rs 2,098 cr in Q2

Drug maker Lupin on Thursday reported a consolidated net loss of Rs 2,098 crore for the second quarter ended September 30.

The company had posted a net profit of Rs 211 crore in the July-September period of previous fiscal.

Total revenue from operations stood at Rs 4,091.3 crore in the second quarter as compared with Rs 3,835 crore in the year-ago period, Lupin said in a statement.

During the quarter, the company booked a provision of Rs 1,879.6 crore for Glumetza (diabetes drug) business compensation expense to settle the dispute with two plaintiff groups as well as impairment expense of Rs 707.7 crore for Solosec, a drug indicated for the treatment of bacterial vaginosis (BV), it added.

Last month, the Mumbai-based company had agreed to settle claims brought by a group of grocery stores, drug stores and other Glumetza buyers in the US.

"Our sustained efforts to drive growth have helped us cross Rs 4,000 crore sales this quarter. We remain focused on ramping up our revenues in the US while continuing our robust growth in India," Lupin Managing Director Nilesh Gupta stated.

He further said, "With the restructuring in the US, we have significantly scaled down the Specialty burn. We remain committed to our journey of margin improvement through sustainable growth and cost optimisation, while ensuring the safety of our people and the highest standards of compliance."

In the US market, the company posted revenues of Rs 1,429.1 crore in the second quarter, up 2.2 per cent from Rs 1,398.4 crore in the year-ago period.

Similarly, India business sales rose by 15.9 per cent to Rs 1,543.5 crore as compared with Rs 1,332.3 crore in the July-September period of 2020-21 fiscal.