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Lupin incurs net loss of Rs. 778 crore in Q4, sales dips by 4.4% to Rs. 3,976 crore

Our Bureau, Mumbai
Tuesday, May 15, 2018, 16:30 Hrs  [IST]

Lupin, the second largest Indian pharma major, has suffered heavy setback during the fourth quarter ended March 2018 an it incurred a net loss of Rs. 778 crore mainly on account of impairment provision of Rs. 1,464 crore on certain intangible assets acquired as part of the Gavis Group acquisition. It registered net profit of Rs. 384 crore in the similar quarter of last year. The net sales also declined by 4.4 per cent to Rs. 3,978 crore from Rs. 4,162 crore in the corresponding period of last year. EBIDTA improved marginally to Rs. 854 crore from Rs. 827 crore. Due to loss, EPS worked out to negative Rs. 17.35 as compared to positive Rs. 8.42 in same quarter of last year.

The board of directors has recommended equity dividend of 250 per cent for the year 2017-18. Poor performance put pressure on scrip movements and touched to its yearly lowest level at Rs. 723.55 and remained volatile during day trading. The scrip touched to its yearly highest level at Rs. 1,326.50 on May 2, 2017.

Nilesh Gupta, managing director, said, “We ended the year on a positive note with growth across all our key markets. We took a one-time impairment on the Gavis acquisition in line with the changed market conditions, in particular with the opioids in the US. We have made meaningful strides in our complex generics pipeline, made progress on the Speciality build across US, Europe and Japan and have had strong growth in the Emerging Markets, especially India. Our near-term priorities are resolution of the Warning Letter on Goa and Indore Unit-e, successful commercialization of Solosec in the US and executing on meaningful product launches.”

For the full yer ended March 2018, Lupin's net sales declined by 9.1 per cent to Rs. 15,560 crore from Rs. 17,120 crore in the previous year. Its other operating income also declined by 34.8 per cent to Rs. 244 crore from Rs. 375 crore. However, other income increased by 41 per cent to Rs. 150 crore from Rs. 107 crore.  Its net profit declined sharply by over 90 per cent to Rs. 251 crore from Rs. 2,558 crore due to exceptional provision of Rs. 1,142 crore and deferred tax of Rs. 322.3 crore on account of acquisition of Gavis Group. EBIDTA declined by 28.3 per cent to Rs. 3,298 crore from Rs. 4,600 crore in the previous year. Its interest cost went up by over 33 per cent to Rs. 204 crore from Rs. 153 crore.

Lupin's formulation sales declined by 9.5 per cent to Rs. 14,467 crore from Rs. 15,982 crore in the previous year and API sales declined by 4 per cent to Rs. 1,093 crore from Rs. 1,138 crore. Its formulations sales in North America declined sharply by 28.7 per cent to Rs. 5,894 crore from Rs. 8,263 crore in the previous year, and accounted for 38 per cent of its global sales. Lupin launched total 23 new products and it has now 158 products in the US market.

Its domestic sales improved by 8.1 per cent to Rs. 4,125 crore from Rs. 3,816 crore and accounted 26 per cent of its total sales. Its sales in Asia-Pacific (APAC) market moved up by 13.5 per cent to Rs. 2,573 crore from Rs. 2,266 crore and that in Europe, Middle-East and Africa (EMEA) improved by 11.2 per cent to Rs. 1,125 crore from Rs. 1,012 crore. Its sales in Latin America (LATAM) improved by 28.1 per cent to Rs. 579 crore from Rs. 452 crore. However, its sales in RWO declined marginally by 1.9 per cent to Rs. 171 crore from Rs. 174 crore.

It's R&D expenditure declined by 19.9 per cent to Rs. 1,851 crore from Rs. 2,310 crore in the previous year and worked out to 11.9 per cent of sales. It filed 36 ANDAs and received 24 approvals from the US FDA during 2017-18. It filed total 398 products and received 235 approvals from US FDA Cumulative DMF filings stand at 193. It also filed 2 MAA and received 5 approvals from European authority during the year. Cumulative filings with European authorities now stands at 62 with company having received 59 approvals to date.


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