 "Lupin reports Q1 net loss at Rs 89 cr on lower US sales; revenue falls 12%")
Drug maker Lupin on Thursday reported a consolidated net loss of Rs 89 crore for the first quarter ended June 30 due to lower sales in the US market.
The Mumbai-based drug maker had posted a net profit of Rs 542 crore in the April-June quarter of the last fiscal.
Its total revenue from operations stood at Rs 3,744 crore in the June quarter compared to Rs 4,270 crore in the year-ago period, Lupin said in a statement.
"Our numbers are muted this quarter, but we expect a strong bounce back from Q2 onwards. Our US sales took a significant dip as we took several strategic decisions to pave the way for building a sustainable and profitable business," Lupin Managing Director Nilesh Gupta said.
During the quarter, the company pared down inventories and took shelf stock adjustments on select products, he added.
"We have now implemented several optimisation measures, including addressing our workforce in operations and supporting functions to improve our cost position and ensure competitiveness.
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"While the benefits of this optimisation will start accruing Q2 onwards, we are now focused on getting back on the growth path driven by growth in key markets like India and multiple important complex generic launches in the US and other developed markets," Gupta said.
On the compliance front, the company has now satisfactorily addressed issues at both Goa and Somerset plants, he added.
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