The share price of pharma company Lupin declined more than 6 percent on Friday after it reported a 65 percent fall in consolidated net profit to Rs 107 crore for the June quarter. The company's net profit last year for the corresponding quarter stood at Rs 303 crore.

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The stock fell as much as 6.6 percent to Rs 874.10 per share on the NSE. At 13:38 PM, the stock was trading 5.83 percent lower at Rs 881.70 per share. It remained one of the top losers on Nifty50.

Consolidated revenue from operations fell 9 percent YoY to Rs 35,279 crore as compared to Rs 38,777 crore last year.

The pharma giant's North America sales came in at Rs 1,216 crore as compared to Rs 1,541.2 crore in the same quarter previous year, accounting for 35 percent of its global sales.

The company filing said that the India formulation sales for Q1FY21 came in at Rs 1,285 crore as compared to Rs 1,307.7 crore, accounting for 37 percent of its global sales.

Lupin's net debt as on June 30, 2020, was at Rs 349 crore (3,491 million).

Lupin received approval for 4 ANDAs from the US FDA during the quarter. Cumulative ANDA filings with the US FDA stood at 434 as of June 30, 2020, with the company having received 276 approvals to date, added the filing.

“The quarter’s performance was impacted by the COVID-19 pandemic and related lockdowns, affecting our key businesses in India and US. We continue to focus on business continuity while ensuring employee safety. Despite the challenges impacting revenues, we improved margins driven by tight expense control," said Managing Director Nilesh Gupta.

He further added, "We expect to continue the momentum on margin improvement. This is a pivotal year for us to deliver on our key complex generic assets and to sustain the momentum on the compliance front.”

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First Published:Aug 7, 2020 1:43 PM IST