 "Lupin dips on disappointing Q2 results")
Lupin has dipped 6% to Rs 1,936 on the BSE after the company reported 35% year on year (YoY) decline in its consolidated net profit at Rs 409 crore for the quarter ended September 30, 2015 (Q2FY16), due to single digit growth in net sales and lower other income. The drug maker had profit of Rs 630 crore in the same quarter last year.
Consolidated net sales of the company during the quarter grew 1.9% YoY at Rs 3,178 crore, Lupin said in statement.
Analysts on an average had expected profit of Rs 550 crore on revenues of Rs 3,312 crore.
Operating or earnings before interest, tax, depreciation and amortization (EBITDA) decreased by 24% at Rs 714 crore in Q2FY16 as compared to Rs 943 crore in Q2FY15. EBITDA margin declined to 22.45% from 30.25% during the recently concluded quarter.
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin, said “Slowdown in approvals in the US and a lack of material launches continued to dampen growth. We continue to invest in research and remain upbeat on the pace of approvals and launches to pick up by the fourth quarter.”
At 02:27 pm, the stock was down 5% at Rs 1,946 on the BSE. A combined 2.61 million shares changed hands on the counter on the BSE and NSE.
Consolidated net sales of the company during the quarter grew 1.9% YoY at Rs 3,178 crore, Lupin said in statement.
Analysts on an average had expected profit of Rs 550 crore on revenues of Rs 3,312 crore.
Operating or earnings before interest, tax, depreciation and amortization (EBITDA) decreased by 24% at Rs 714 crore in Q2FY16 as compared to Rs 943 crore in Q2FY15. EBITDA margin declined to 22.45% from 30.25% during the recently concluded quarter.
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin, said “Slowdown in approvals in the US and a lack of material launches continued to dampen growth. We continue to invest in research and remain upbeat on the pace of approvals and launches to pick up by the fourth quarter.”
At 02:27 pm, the stock was down 5% at Rs 1,946 on the BSE. A combined 2.61 million shares changed hands on the counter on the BSE and NSE.
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