New Delhi: Drug maker Lupin on Wednesday said its consolidated net profit stood at Rs 130 crore for the second quarter ended September 30, 2022.
The Mumbai-based company had reported a net loss of Rs 2,098 crore in the July-September period of the previous fiscal.
Total revenue from operations rose to Rs 4,145 crore for the period under review as compared to Rs 4,091 crore in the year-ago period, Lupin Ltd said in a regulatory filing.
The company said it paid Rs 1,878 crore towards litigation and settlement-related expenses last year with respect to an antitrust class action filed in the US in connection with the drug Glumetza.
Commenting on the results, Mr. Nilesh Gupta, Managing Director, Lupin Limited said, “We have performed in line with our expectations during the quarter, and are on the path of steady growth in sales and profitability. Our sales growth sequentially was robust as our U.S. business bounced back. Our India business delivered continued growth in line with the market, excluding the impact of loss of exclusivity and certain sales in diabetes and cardiovascular therapy area. All other geographies performed well, and we continue to see the benefit of our optimization measures implemented. We are focused on sustaining this positive momentum, driving improvement in sales and margins, and committed to maintain the highest standards of compliance.”
Lupin is a transnational pharmaceutical company headquartered in Mumbai, India. The Company develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and Middle East regions.
The Company specializes in the cardiovascular, anti-diabetic, and respiratory segments and has a significant presence in the anti-infective, gastrointestinal (GI), central nervous system (CNS), and women’s health areas. The company invested 8.7% of its revenue in research and development in FY22.