Pharma major Lupin Ltd has reported 60 per cent year-on-year decline in its net profit for the April to June quarter at Rs 107 crore.
It had posted a profit of Rs 265 crore in Q1 FY20 and Rs 390 crore in Q4 FY20. The revenue in Q1 FY21 fell by 9 per cent year-on-year to Rs 3,528 crore from Rs 3,878 crore in the previous year.
The earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 531 crore in Q1 FY21 down 35 per cent from Rs 813 crore of Q1FY20 and 28 per from Rs 734 crore in Q4 FY20.
"The quarter's performance was impacted by the COVID-19 pandemic and related lockdowns, affecting our key businesses in India and United States," said Managing Director Nilesh Gupta.
"Despite the challenges impacting revenues, we improved margins driven by tight expense control. This is a pivotal year for us to deliver on our key complex generic assets and to sustain the momentum on the compliance front," he said in a statement.
Lupin's global active pharma ingredient (API) sales for Q1 FY21 were Rs 409 crore compared to sales of Rs 349 crore during Q1 FY20.
The company filed four abbreviated new drug applications and received as many approvals from the US Food and Drug Administration. Besides, the company launched two products in the US market during the quarter.
Lupin now has 175 products in the US generics market. It is now the market leader in 62 products in the US generics market and among the top three in 126 of its marketed products.
Lupin is the sixth-largest company in the Indian pharmaceutical market. It has 15 manufacturing sites, seven research centres and more than 20,000 professionals working globally.
