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Lupin reports Rs 152 crore Q3 loss on one-time hit from European suit; sales rise 12% to Rs 4,378 crore

​Analysts in an ET Now poll had projected a profit of Rs 268 crore.|
Last Updated: Feb 06, 2019, 02.43 PM IST|Original: Feb 06, 2019, 02.43 PM IST
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NEW DELHI: Drug firm Lupin on Wednesday reported a loss of Rs 151.75 crore for the quarter ended December 31, against a profit of Rs 221.73 crore in the corresponding quarter last year.

The company witnessed an exceptional expenditure of Rs 342 crore related to Perindopril litigation.

Analysts in an ET Now poll had projected a profit of Rs 268 crore.

Sales during the quarter increased 12.24 per cent YoY to Rs 4,377.94 crore during the quarter under review. The figure stood at Rs 3,900.36 crore a year ago.

Lupin’s total expenditure increased to Rs 4,111.86 crore from Rs 3,621.63 crore during the same period.

An European court in December had upheld a decision to impose a fine of 40 million euros (around Rs 324 crore) on Lupin by the European Commission (EC) in a litigation over blood pressure lowering drug, Perindopril.

“After a tough H1, we are now starting to see growth in the US. The growth momentum in the US will continue into the next quarter as we are on track with important launches like Levothyroxine and Ranolazine. Monetisation of our innovative R&D molecule was an important milestone achieved during the quarter. We are also on track to deliver on our cost optimization efforts and expect meaningful benefit next fiscal onwards,” said Managing Director, Nilesh Gupta.

US sales jumped 13.50 per cent QoQ to Rs 1,417.40 crore in Q3FY19. However, the figure declined 1 per cent on a YoY basis. Sales from India jumped 11.40 per cent YoY to Rs 1,190.20 crore, whereas the figure slipped 1.10 per cent on a sequential basis.
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