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MUMBAI: Shares of drug main Lupin Ltd fell 6.5% on Friday after the corporate reported a 96.5% year-on-year stoop in its consolidated web revenue to ₹106.9 crore for the quarter ended June. In the year-ago interval, web revenue stood at ₹303.05 crore.
At 0230 pm, shares of Lupin traded at ₹882.35, down 5.7% from its earlier shut, whereas the benchmark Sensex was down a tad at 38,005.68.
Lupin’s web gross sales declined 9.1% to ₹3,468.6 crore within the quarter underneath evaluate. Investment in R&D amounted to ₹357.50 crore, about 10.3% of gross sales for Q1 FY21 in contrast with ₹344.20 within the year-ago quarter.
Brokerage agency Motilal Oswal commenting on the outcomes mentioned, “Lupin received four Abbreviated New Drug Approvals (ANDA) during the quarter and launched two products. Capex was ₹180 crore and net debt was ₹350 crore at the end of June quarter. Earnings before interest depreciation and ammortisation margin was down 490 basis points YoY to 14.4% as it contracted at a higher rate due to higher employee cost, partially offset by lower other expenses”.
The brokerage has a purchase score on the inventory.
Lupin’s international lively pharmaceutical ingredient (API) gross sales for Q1 FY21 had been at ₹409 crore in contrast with ₹328.60 crore within the March quarter and up 17% year-on-year.
Commenting on the outcomes, Nilesh Gupta, managing director, Lupin, mentioned, “The quarter’s performance was impacted by the covid-19 pandemic and related lockdowns, affecting our key businesses in India and US. We continue to focus on business continuity while ensuring employee safety. Despite the challenges impacting revenues, we improved margins driven by tight expense control. We expect to continue the momentum on margin improvement.”
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