Lupin rose 1.67% to Rs 1,035 at 14:22 IST on BSEafter consolidated net profit fell 59.40% to Rs 358.10 crore on 12.32% decline in net sales to Rs 3806.80 crore in Q1 June 2017 over Q1 June 2016.
The result was announced during market hours today, 2 August 2017.Meanwhile, the S&P BSE Sensex was down 53.18 points, or 0.16% to 32,521.99.
On the BSE, 3.20 lakh shares were traded in the counter so far, compared with average daily volumes of 1.60 lakh shares in the past one quarter. The stock had hit a high of Rs 1,054.60 and a low of Rs 1,022 so far during the day. The stock hit a 52-week high of Rs 1,747.80 on 2 August 2016. The stock hit a 52-week low of Rs 1,015.60 on 1 August 2017.
The stock had underperformed the market over the past one month till 1 August 2017, falling 3.52% compared with 4.34% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 19.47% as against Sensex's 8.97% rise. The scrip had also underperformed the market in past one year, falling 40.27% as against Sensex's 16.42% rise.
The large-cap company has equity capital of Rs 90.35 crore. Face value per share is Rs 2.
On a consolidated basis, Lupin's net profit fell 5.81% to Rs 358.10 crore on 8.53% decline in net sales to Rs 3806.80 crore in Q1 June 2017 over Q4 March 2017.
Commenting on the results, Nilesh Gupta, managing director, Lupin, said that Q1 results have been below expectations on count of higher than anticipated price erosion in select products like Glumetza, disruption on count of GST implementation in India and appreciation in the rupee. The company's focus remains on building its complex generic pipeline, operational excellence, regulatory compliance and building a differentiated specialty business.
Meanwhile, Lupin announced after market hours yesterday, 1 August 2017, that it received final approval for its Fluocinonide Topical Ointment USP, 0.05% from the United States Food and Drug Administration (FDA) to market a generic version of County Line Pharmaceuticals, LLC's Lidex Ointment, 0.05%. Lupin's Fluocinonide Topical Ointment USP, 0.05% is AB rated generic equivalent of County Line Pharmaceuticals, LLC's Lidex Ointment, 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses. Lidex Ointment had US sales of $40.3 million as per IMS MAT March 2017.
Lupin is a transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.
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