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Lupin Ltd reported an unanticipated quarterly loss after registering a one-time charge related to litigation over a blood pressure drug. Indian drugmaker created a provision worth Rs. 342 crores after the General Court of the European Union upheld a 2014 European Commission decision on a fine against Lupin related to the blood pressure drug Perindopril.
The pharma major reported a net loss of Rs. 152 crores as compared to a profit of Rs. 222 crores in the same quarter a year ago. Lupin revenue posted a steady growth of 12.2% to Rs. 4,370 crores in the quarter under review.
Lupin’s revenue from North America, which accounted for nearly a third of total revenue, marginally declined by a per cent. However, the company’s revenue from India jumped 11.4% to Rs. 1,190 crores.
Nilesh Gupta, Managing Director of Lupin Ltd said: “After a tough H1, we are now starting to see growth in the U.S.” Shares of Lupin closed 1.17% higher after plummeting 1.16% lower after the quarterly reports were announced.
