Lupin: Margins pick up

Pharma major Lupin has reported a consolidated net profit of ₹289.6 crore in the fourth quarter of 2018-19, against the net loss of ₹783.5 crore in the same quarter in FY-18.

However, the consolidated net profit before exceptional items declined 20 per cent Y-o-Y during the quarter, mainly due to higher taxes. The company’s tax expenses during the quarter were ₹300 crore, as against the tax gain of ₹163 crore in the same quarter in FY-18. The consolidated total revenue grew 9 per cent Y-o-Y in the quarter to ₹4,326 crore.

Despite the regulatory overhang, Lupin’s US business grew by 16 per cent Y-o-Y due to higher contribution from Ranexa, Solosec and new launches.

Operating margins came in at 22.2 per cent, up 70 bps from the same quarter last year. The stock of Lupin has been weak over the past couple of weeks, declining over 14 per cent.

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