Margin improvement holds key for Lupin with US sales likely to soften

Go ahead for inhaler launch in the US and resolution of plant compliance issues are other triggers

Lupin’s better-than-expected operational performance in March quarter was led by key markets of India and the US. The Indian market, which accounts for 13 per cent of revenues, grew an impressive 13.3 per cent year-on-year as compared to the 9-11 per cent registered by peers. While sales in the US market were expected to decline given higher base in the year ago quarter, the drop was lower than expected. North America, its single largest market contributing 42 per cent to sales, declined 9.3 per cent year-on-year. Motilal Oswal Financial Services had anticipated a sales decline of 10 per cent.

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