Drug firm Lupin today reported 59.40 per cent decline in consolidated net profit to Rs 358.06 crore for the quarter ended on June 30, 2017, due to price erosion of some products, lower US sales and disruption due to GST implementation in the country.
The company had posted a net profit of Rs 881.95 crore for the corresponding period of the previous fiscal, Lupin said in a filing to BSE.
Consolidated net sales of the company also declined to Rs 3,806.83 crore for the quarter under consideration as against Rs 4,341.80 crore for the same period year ago.
Commenting on the results, Lupin MD Nilesh Gupta said that the first quarter "results have been below our own expectations due to higher than anticipated price erosion in select products like Glumetza, disruption on account of GST implementation in India and appreciation in the rupee".
The company's focus remains on building complex generic pipeline, operational excellence, regulatory compliance and building a differentiated speciality business, he added.
The company's sales in North America for the first quarter of FY2018 were at Rs 1,601.8 crore as against Rs 2,188.6 crore during corresponding period of the previous fiscal, accounting for 42 per cent of global sales.
The company's India formulation sales stood at Rs 932.4 crore during Q1 FY2018 accounting for 25 per cent of Lupin's global sales, it added.
Lupin had filed one Abbreviated New Drug Application (ANDA) and received three approvals from the USFDA during the quarter. Cumulative ANDA filings with the US regulator stood at 368 as of June 30, 2017. It has received 217 approvals to date, the company added.
Shares of Lupin today closed at Rs 1,034.25 on BSE, up 1.60 per cent from previous close.
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