Lupin Q2 net profit dips 31% to Rs 455 cr

Drug major Lupin today posted 31.3 per cent decline in consolidated net profit to Rs 455 crore for the September quarter as it continued to face pricing pressure in the US market.
The Mumbai-based company had reported a net profit of Rs 662.2 crore for the July-September period of the last fiscal.
Net sales of the company stood at Rs 3,874.2 crore for the second quarter of 2017-18, down 8 per cent from Rs 4,211.2 crore in the year-ago period.
"In second quarter we have recorded strong growth in all our markets but for the US generic business where we continue to see pricing pressure, as expected," Lupin Managing Director Nilesh Gupta said in a statement.

The company is on track with its complex generic pipeline and has made significant progress on the speciality front with the acquisition of Symbiomix in the US, he added.
During the period under review, the company's North America sales stood at Rs 1,361.1 crore, down 31.9 per cent as compared with Rs 1,997.8 crore in the second quarter of previous fiscal.
Lupin's sales in India rose however to Rs 1,159.3 crore during the second quarter, up 16.4 per cent from Rs 995.8 crore in the same period of previous fiscal.
The company's sales also grew in Asia-Pacific, Europe, Middle-East and Africa (EMEA) and Latin America (LATAM) markets during the second quarter.