Lupin Q4 net loss at Rs 7.83 billion due to one time write-off

Total revenue from operations stood at 40.33 billion as against 42.533 billion in the year-ago period, Lupin said in a regulatory filing

Drug major Lupin on Tuesday reported a consolidated net loss of 7.83 billion for the quarter ended March 31, 2018, hit by one time impairment on the Gavis acquisition and other liabilities related to the US operations.

The company had reported a net profit of 3.8021 billion for the same period of 2016-17.

Total revenue from operations stood at 40.3383 billion as against 42.533 billion in the year-ago period, Lupin said in a regulatory filing.

For the entire 2017-18, the company posted a net profit of 25.126 billion as compared with 25.5746 billion in the previous year.

Total revenue from operations stood at 16.80415 billion, as compared with 17.49433 billion 2016-17.

 

The company said during the reported quarter, it made impairment provision of Rs 14.644 billion on certain intangible assets acquired as part of the Gavis group acquisition (Gavis).

Besides, the net profit also includes negative impact of 766 million 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 resolution of the warning letter on Goa and Indore Unit 2, successful commercialisation of Solosec in the US and executing on meaningful product launches, he added.

The company's board on Tuesday recommended a dividend of Rs 5 per equity share of face value of Rs 2 each aggregating to 2260.5 million.

Lupin shares were trading 1.17 per cent down at Rs 745.55 per scrip on BSE.