Lupin tumbles after weak Q1 results

Lupin fell 4.75% to Rs 824 at 14:34 IST on BSE after consolidated net profit fell 43.11% to Rs 203.02 crore on 0.85% decline in net sales to Rs 3774.57 crore in Q1 June 2018 over Q1 June 2017.

The result was announced during trading hours today, 8 August 2018.

Meanwhile, the S&P BSE Sensex was up 128.70 points, or 0.34% to 37,794.50.

On the BSE, 6.57 lakh shares were traded in the counter so far compared with average daily volumes of 2.40 lakh shares in the past two weeks. The stock had hit a high of Rs 884 and a low of Rs 821.10 so far during the day. The stock hit a 52-week high of Rs 1,090 on 30 October 2017. The stock hit a 52-week low of Rs 723.55 on 15 May 2018.

Commenting on the results, Nilesh Gupta, managing director, Lupin said that the first quarter of FY2019 has been subdued, primarily on account of the US and Japan. The firm has made meaningful progress in building its complex generics and specialty business with the launch of Solosec in the US and its successful partnership to commercialize biosimilar Etanercept with Nichi-Iko for Japan and Mylan for Europe and other markets. The company remains committed to accelerating new product introductions, evolving its business and delivering on operational and cost efficiencies.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally.

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