New Delhi: Drug major Lupin reported a consolidated net loss of Rs 783.54 crore for the quarter ended March 31, 2018, hit by one-time impairment on the Davis acquisition and other liabilities related to the US operations.
The company had reported a net profit of Rs 380.21 crore for the same period of 2016-17.
Total revenue from operations stood at Rs 4,033.83 crore as against Rs 4,253.30 crore in the year-ago period, Lupin said in a regulatory filing.
For the entire 2017-18, the company posted a net profit of Rs 251.26 crore as compared with Rs 2,557.46 crore in the previous year.
Total revenue from operations stood at Rs 16,804.15 crore, as compared with Rs 17,494.33 crore in 2016-17.
The company said during the reported quarter, it made impairment provision of Rs 1,464.4 crore on certain intangible assets acquired as part of the Gavis group acquisition (Gavis).
Besides, the net profit also includes a negative impact of Rs 76.6 crore for 2017-18 on account of re-measurement of deferred tax assets/liabilities pertaining to US operations based on enactment of the new tax regime in the US, Lupin said.
“We took a one-time impairment on the Gavis acquisition in line with the changed market conditions, in particular with the opioids in the US,” Lupin Managing Director Nilesh Gupta said.
The company’s near-term priorities are the resolution of the warning letter on Goa and Indore Unit 2, successful commercialization of Solosec in the US and executing on meaningful product launches, he added.
The company’s board today recommended a dividend of Rs 5 per equity share of face value of Rs 2 each aggregating to Rs 226.05 crore.