Lupin's net profit declines 12% in Q3

Drug major Lupin on Friday reported 11.92% decline in consolidated net profit to Rs 529.75 crore for the third quarter ended December 31, hit by weak sales in the US.

The company had posted a net profit of Rs 601.45 crore in the same period of the previous fiscal.

Net sales, however, rose to Rs 3,357.66 crore compared with Rs 3,144.91 crore in the same period a year ago.

"Sequentially the quarter has improved significantly and this will get much better going forward," Lupin Managing Director Nilesh Gupta said in a statement.

The quarter under the review also saw a significant pick up in approvals as well as product launches with the company clocking in good growth in the US, India and Japan, he added.

"We continue our investments in research as well as our manufacturing operations and this will drive long-term growth," Gupta said.

The company said its US sales stood at $208 million (Rs 1,407.33 crore) in the third quarter compared with $217 million (Rs 1,468.22 crore) in the year ago period, down 4.1%.

In the domestic market, the company's sales grew by 17.1% to Rs 8,71.2 crore in the third quarter as against Rs 743.8 crore in the same period of the previous year.

Lupin shares on Friday ended at Rs 1,801.45 on BSE, up 9.04% from previous the close.