Lupin Q3 net profit dips 65 percent to Rs 222 crore

New Delhi: Drug firm Lupin reported 64.97 percent fall in consolidated net profit at Rs 221.73 crore for the quarter ended December 31, mainly on account of dip in US sales.

The company had posted a net profit of Rs 633.11 crore for the corresponding period of the previous fiscal, Lupin said in a filing to BSE.

Consolidated income from operations also declined to Rs 3,900.36 crore for the quarter under review as against Rs 4,404.94 crore for the same period a year ago.

MD Nilesh Gupta said the quarterly performance was muted on the back of business mix as well as forex losses.

The company continues to grow strong in all its markets while the US business is now starting to stabilize at the current level, he added.

"Our near-term priorities are to successfully commercialize Solosec, resolve the warning letter on Goa and Indore Unit 2 and continue to evolve our complex generic pipeline while accelerating growth in our other markets," Gupta said.

Company's sales in North America declined to Rs 1,432.1 crore during the reported quarter compared to Rs 2,175.5 crore in the year-ago period, Lupin said.

India formulation sales increased to Rs 1,068.8 crore compared to Rs 991.2 crore in the year-ago period, it added.