US business slowdown pulls Lupin's Q1 revenue down by 43% to Rs 2 billion

The India business, however, grew by 31% to Rs 11.92 billion during the June quarter

A slowdown in US business pulled Lupin's June quarter revenue down by 43.4 per cent year-on-year (YoY) to Rs 2.02 billion. The sales growth was down marginally (by 0.8 per cent) to Rs 37.74 billion. 

“The first quarter of the ongoing financial year has been subdued, primarily on account of the US and Japan,” Nilesh Gupta, Managing Director of Lupin, said in a statement. The company added that rise in the tax rate to 47 per cent (from 21 per cent in the corresponding quarter) also hit earnings. 

The US business that accounts for 31 per cent of Lupin's overall